@dmertz
Clarification: It seems TurboTax only provides the option to enter excess contributions in the 'context of recharacterizing roth back to traditional IRA' when I am trying to find ways to report past excess roth that still sit in 2019 tax filing and are applicable for 6% penalty for each of the past years. Is it ok if I process with the 'recharacterization to traditional IRA' option since it seems that's the only way I can fill in past excess contributions etc? I am concerned this will also create false enties into 8606 form indicating i put that money in traditional IRA when clearly I didnt!
Here are the steps I am doing:
>Deductions & Credits
>Select Roth IRA contributions
>Enter Roth IRA contributions for 2019: I enter the excess amount there
>Let Us Track Your Roth IRA Basis
>Withdraw from Your Roth IRA Before 2019? I choose yes here since that's the only way I can get to report past year's contributions - even though I havent really withdrawn from past years - is this acceptable?
>Enter Prior Year Roth IRA Contributions - It asks for one cumulative number to report all prior contribution sum here
>Any Roth IRA Conversions before 2019? Again, even though this isnt right, I said yes - so I could find ways to report each of the past year's excess contributions etc. It asks me to report for each past year conversions made from traditional IRA to Roth etc...which technically, is not what i did! I worry that this is wrong and may create more complications!
I am not sure if I am doing this correctly. Can you please help me find the right steps?
