Thank you.
On carryover/absorption (that my allowed 2021 Roth IRA contribution limit will completely eliminate the excess in 2020), what is the best way to report with Turbotax?
Seems 2020 5329 can only report 2020 excessive contribution. In 2021 tax return with 5329, I won't have the 2020 5329 excessive amount to base on and therefore , IRS requires me to amended 2020 tax return with the 2020 5329 to report the excess.
If I am okay paying the excise tax now, would it be simpler with TurboTax that :
1) I report the excessive contribution on 5329 in 2020 and pay the excise tax.
2) In 2021, I follow through with the 2021 5329 to report Zero excessive contribution (by absorption)
3) I don't need to amend my 2020 tax return or its 5329.
Is it allowed or doable?
