HI @DavidD66 ,
Just trying to follow up on @CP43 situation as mine is very similar - after filing my return I realized that I have over contributed to Roth IRA due to MAGI, but still within deadline to remove the excess and earnings before Oct 15 based on the IRS Publication 590-A (for 2021 Returns). In chapter 2, page 42, IRS mentions that "The earnings are considered earned and received in the year the excess contribution was made."
So, I was wondering if I'm reading this wrong or this passage relates to something else in the publication, but it seems if the excess was made in 2021 than the earnings are as of 2021 as well. I guess this may be a reason for amended return as those excess earnings were not reported on initial 1040 for 2021. Am I getting it right?
Really appreciate your help!
Here is the full excerpt:
"Withdrawal of excess contributions. For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn. The earnings are considered earned and received in the year the excess contribution was made."
