Hi,
I'm 32 years old. I made excess Roth IRA contribution in tax year 2020. I didn't realize that the capital gains from trading pushed my income over the limit for full $6k IRA contribution. I filed my tax return for 2020 without realizing the excess Roth IRA contribution. I didn't get the tax return credit for 2020. I filed the return for tax year 2021 and got the tax return credit for 2021. I only realized and removed the 2020 excess contribution in April 2022. I got form 1099 R 2022 with code 'PJ' gross distribution $2149 and taxable income $647. There is no federal or state withholding in 1099R. FF Now, I'm in the process of filing my 2022 return. What steps should I take? What forms or amended returns should I file? I guess I didn't get my 2020 tax return because I made excess Roth IRA contribution. My tax transcripts for 2020 shows a negative balance (credit refund to be issued). I'm hoping I will get my 2020 tax refund when I fix this.
Adjusted Gross income for 2020 is $127,411. I filed as Married filing Separately in 2020. My spouse and I lived separately for whole year of 2020. I submitted a request to Schwab to remove $1500 out of my $6000 contribution made in 2020 so that I'm well within my Roth IRA contribution limit. Yes, the remaining $4500 was left as Roth contribution for year 2020. Schwab journaled some stocks from my Roth IRA account to my personal account and sent me 1099 R 2022 - Gross distribution is $2,149 and taxable income is $647
