Hi dmertz!
Good to hear from you. Thank you so much for your response.
Can you clarify what you mean by the following...
"You'll request the Roth IRA custodian to make an explicit return of contribution of $460 and the custodian should calculate the adjusted amount to distribute just as you did ($460 - $34) = $426 based on your calculation)."
1. I need to explicitly let the Roth IRA custodian know the amount of the overage ($460) and then he/she will deduct from this amount the negative earnings (the custodian will know how to calculate the negative or positive earnings correctly). $460 will not be return to me, but $460 minus the negative earnings (in my case). Am I understanding this correctly?
2. Is the deadline to complete this action 10/15/2022 or 6 months within filing my tax return for 2021?
3. Also, on my 2021 tax return my federal adjusted gross income was $126,150 (this represents $123,037 for wages, salaries, tips, etc. and $3,133 for ordinary dividends). Am I correct in assuming my federal adjusted gross income is the same as MAGI?
Thank you so much,
ta_nyc
