@fanfare
@fanfare Have similar situation with ww_24 regarding excess ROTH contribution made in 2021. Have been following on your responses which have been very helpful – thank you!
My case:
- 2021 1040 was prepared by an independent practitioner. No 5329 was reported.
- Haven't filed 2023 tax return yet and using Premier edition of TT
- Plan to request withdrawal of 2021 excess ROTH contribution by Apr-15, 2024 (tax due date)
- Have satisfied the 5-year rule for ROTH account (opened in 2019) if this matters.
Questions:
- How is Form 5329 created to accompany 2023 1040? (Planning to manually file for amended returns for 2021 and 2022 and attach the new Schedule 2 and Form 5329).
- This 2024 withdrawal will be reported on Form 1099-R in 2025. Do we need to report this on 2024-1040? Will the 2021 excess contribution resolve itself with the amended returns and payment of the 6%/year penalty?
Thank you so much!
