@DanaB27 Thanks for your answer.
Also I have some concerns about reporting the earnings. How are they calculated ?
In my case, I actually started my Roth IRA in 2020 to make things simpler here. I contributed $6k in my Roth IRA in 2020, turns out all of which is in excess due to my high income. Now in 2021, the value of that account is $6789 (example value) as of today. So if I sold off everything and did a withdrawal of $6789 to my bank account, is my earnings = $6789 - $6000 = $789 ? Or is it calculated some other way, perhaps based on the value of the account on the last year of 2020 perhaps or something ? Or do I need to look up the value of the account in my Form 5498 ?
Also what if I don't have a Form 5498 yet from my broker, since they can come later too ?
