@DavidS127
David -
Last few Qs for you:
1) Does this mean that for my situation, I'll need to wait till 2021 (to get 1099Rs for 2020) and then file amendments for 2017 and 2018?
2) Also, for 2019, I am removing all past excess roth tomorrow but wont get 1099Rs for that till next year which will details earnings and contributions etc. I'll have no penalties to pay next year as I am paying penalties this year. However, I'll still need to amend for 'earnings' and 10% early withdrawal on earnings which I wont get till next year on the 1099R form?
3) Is there no way for me to take care of these amendments for 2017 and 2018 right now and also accurately file 2019 taxes now rather than waiting till next year to file amendments after receiving 1099-R forms? I can easily calculate the earnings from each year's contributions over the years using starting and end market value and weighted average of contributions made. 6% penalty calculation excess contribution for each past year is built into Turbo Tax and I believe I need to pay 10% early withdrawal fee on 'earnings' (and include them along with earnings for the same year where contributions were made).
Here's what I am thinking of doing if I can do these 2019, 2018 and 2017 filing this year without waiting for 1099 R next year. Please advise if this is feasible or do you recommend waiting till next year and filing amendments:
- Calculate earnings from excess contributions for each year using starting, ending market value and weighing by contributions made in that year
- I was thinking I could put these 'earnings' in 1099-MISC etc in TurboTax for each year
- 6% fine on excess contributions is already calculated by TurboTax in 5329 forms for each year
- Not sure where to put the 10% early withdrawal fee (that applies to the 'earnings' from contributions): Ideally, this will have to be applied to the same tax year as the year of contributions from where these earnings came. Is there an option is TurboTax to enter this or manually enter this somewhere?
