>demrtz
Thanks for the reply!
a) 12 * $30/m = $360/yr ....Like I mentioned my Roth barely has any $$ (~ $3k) in it, so no it was not $6000.
The $22 I mentioned was the 6% tax on $360 for excesses_ I believe the 6% is mandatory each yr that excess is not removed.
b) based on your first paragraph, amending these three years (I mentioned I had to file the 2022, since if needed to amend I could do it at a later date, furthermore I needed the refund, so it is another one to amend, sadly.) per your remarks in that paragraph could I still do them in TTax as you stated/advised?
""...should have told TurboTax that you will remove the excess contribution before the due date of your tax return and that the amount of contribution returned will be $360. That would have eliminated the excess contribution on the Form 5329 and, absent any other reason to file 2020 Form 5329, the Form 5329 would have been omitted from your 2020 tax return entirely.""...
I did my best to answer what TTax would ask in each screen/tab and I am not sure where I could tell TTax that.
c) per your advice:
""...You'll file each of these with Form1040-X showing the reduction in your tax liability and providing the explanation that the excess 2020 contribution of $360 was properly returned in March 2021.""
Does the above mean that I cannot do the amendments in TTax to start with?
d) amending each year, starting with 2020, could I just show only my income (1099R for 401K & 1099R for the Roth 401K) for the 2020 taxYr - and I assume it will ask if I had any IRA contribs. - in that case I show I have an excess, but not correct it until I do the 2021 TaxYr amendment, where I would/could apply the two corrected 1099s (2020 = $285 & 2021 = $30 + any earnings and Fed withholding) plus the usual 1099Rs (401K & Roth 401K)?
That would not clear the excesses based on the Box 7 codes (P&J 2020 and P&8 2021)?
e) per my thoughts in (d) would 2020 still create a 5329 and if so, should that matter, since I'd be applying the corrections on 2021 tax return?
Much appreciated.
Micheal_
