Thanks very much for a detailed reply. However, I don't understand why paying penalty would affect my taxes. Excess Roth IRA Penalty is considered excise tax. It does not require adjustment to my taxes any way. So, my question is that is there any violation of IRS regulations in just sending completed 5329s with penalty payments without amending the tax return?
Further, what about 2023 tax return. Do I need to amend my 1040 for 2023 before Oct 15, 2024 or file everything next year with my 2024 taxes after I receive 1099Rs for myself and my wife?
Thanks again for your time and patience!
