I had deferred income in 2020 that I incorrectly used to make contributions to my and my wife's Traditional IRAs. I've since come to realize that it was not considered earned income so part of the contributions we made were excess. I had the brokerage remove the excess contributions this year, in February 2022. Based on what I've read I will need to amend my 2020 returns to show the allowed contribution only. Should I amend the return now, and pay the taxes owned to both Federal and State, or wait until I get a 1099R from the broker? Or, will the 1099R be applied to my 2022 return to calculate any penalties owned?
