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Education
Thank you so much RobertB4444! So I will remove the over contribution and earnings from 2019 and 2020 and these can just send back to my bank account. These excess I will use for one child for the private school tuition (all come from this year 2022 not prior years) so I do NOT need to fill the form 5329 or worry about paying any penalty or early distribution fees. The other child I will need to fill the Form 5329 for both 2019 & 2020 and pay the fees. Tax return 2021 I don't need to report anything, just wait until 2022 when I receive the 1099Q. All these are correct?
Many thanks for your prompt assistance!!
March 21, 2022
3:57 PM