Looking for some help here .
I currently have a Roth IRA that I contributed $1k to in 2022 and a Roth 457 that I contributed $3125 to in 2022 also. So combined Roth contributions I made $4125. Both accounts opened in 2022. and I only contribute not my employer or anyone else. No deductions or withdrawals made from either account.
1st Question . Do I even need to report these contributions ? I ask because I received a form 5498
2nd Question. I entered the info in deductions & credits under retirement and investments and before I was done it said that I contributed to much and owe 6% ($14) every year until I reduce the amount. I thought I was able to contribute $7k each year (I'm over 50)
Any help would be appreciated.
