Hi Amy,
Thanks for all the helpful information. Can you please help me to check whether my understandings are correct:
1) Even if I do have enough qualified education expenses in 2023, I still need to pay the 6% penalty for the prior years 2020, 2021 and 2022 because I didn't take the excess contributions out in a timely manner. Correct?
2) I do not need to pay additional 10% tax for the earnings caused by the excess contributions, because I have the qualified education expenses in 2023. Correct?
3) To pay the 6% penalty for 2020, 2021 and 2022, I need file a separate Form 5329 for each year; i.e., a 5329 for 2020, a 5329 for 2021 and a 5329 for 2022. Correct?
4) I still haven't figured out how to use TurboTax 2023 premier version to generate 5329 forms for 2020, 2021 and 2022. The software only asks me for information about 2022 and 2023. I never get any chance to input the years "2020", "2021". Any guidelines on how to do that? Do I need to use previous versions of TurboTax to generate 5329 forms for 2020 and 2021?
Thank you so much for your help!
