MNYL
Level 3

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!!