I'm filing my 2019 taxes. I noticed recently (in 2020) that I had excess contributions to my Roth IRA.
I have already done the recharacterization to a tIRA earlier this month. I've filled out the statement about the recharacterization and all that, but now I'm on the part when it asks this:
Enter Excess Contributions
"Name's Excess Roth IRA Contributions For Prior Years". Do I put $0 since I recharacterized it? Or do I put the excess amount even though I already recharacterized it?
Does prior mean before 2020? Or before 2019 since this is my 2019 return?
Timeline for clarity:
2019 & early 2020: contributed to Roth IRA in excess
July 2020: Realized, and recharacterized the excess contributions
Later in July 2020: Filing for 2019, trying to figure out what to put under "Excess Roth IRA Contributions For Prior Years"
I'm guessing when filing for 2020 I'll probably have to include something as well...
Also, I recharacterized a small contribution I had made for 2020. I'm not sure I need to cover this in my 2019 return but I'm guessing not.
