We recently discovered excess Roth IRA contributions starting in 2017.
We have fixed the excess for 2020 needing some guidance for 2017-2019.
We have our excess numbers for all years and the income on that excess for those years.
I've already started my amended returns and know my 6% penalties.
But there are a few things that I can't find consistent answers on.
1. How do I claim the previous years income on my amended returns, as interest income as if I had a 1099-Int?
2. Do I remove the income from previous years in addition to the excess contribution (exp, $2000 excess, $500 income, remove $2500)? Again, 2020 is already fixed, this is previous years.
3. What forms do I need to submit with the 1040-x? Turbotax includes all the forms in the updated PDF. Do I just need the 1040-x + 5329?
My CPA and retirement advisor have been little help on this.
