3-20-2021:
First, thank you for the reply on this topic.
I followed your detailed steps and it worked well, I created and sent my 1040 2020 year form in on 3-12-21 and it was accepted. I owed money this year and already have prescheduled his to auto-pay in April before the 4-15-21 deadline which I have learned has been extended an extra month.
Crazy now what a couple of weeks can make a difference. I learned now that new tax laws have been implemented and that my unemployment income which I claimed on my return is no longer taxable up to $10,200. Wow, that is great to know. This raises a series of new questions below:
1) First, I now estimate I will probably get a refund and not have to pay. Can I (Should I ?) cancel my auto-payment schedule within Turbo Tax ?
2) I am awaiting the new Turbo Tax amendment form to become available on 3-25-21 indicated. I assume I will need to send this in to allow me to report the correct amount of unemployment income earned.
3) Now that I have lee unemployment income, I also realize that I will be well under the 2020 MAGI limit. Now I realize that I could have in hindsight fully funded my Roth for the year, and the previously returned excess contributions of over approx $2,500 and earnings of $674 did not need to be withdrawn. If I correct in assuming that I should just account for this on the ammended form as well. By that I actually mean that I should not have to indicate that the $674 should be reported as income anymore because it would not be taxable (I think?) since I am age 61 and can be just considered as a regular withdraw from my Roth which I have had for over 5 years too.
4) Lastly, sorry. If I did want to return the approx $2,500 back to my Roth for a 2020 contribution , could I? I would just keep the earnings I guess as it seems complicated to try and return that portion too now. Any thoughts? Do I need to contact the financial institution whom handles to coordinate this?
