Final comments:
- You can file the 5329 by itself if you have no other changes. Make sure you use the 2021 version of the form 5329 when remitting. Print out the instructions and review page 2.
- Service providers will typically determine the excess earnings and you will report it then.
- Work with your service provider as this forum is not conducive to handling this type of question with limited facts.
- You may be able to eliminate the 6% penalty for 2022 if you withdraw the excess by the due date of your return, which is why I recommend you contact them ASAP.
- Depending on your facts, you can leave the excess in and apply it to another year; ie: either 2022 or 2023 depending on your facts. Once again, discuss with your service provider.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
