Hello,
Thank you for looking at this for my spouse and I who are filling jointly. In 2020 our MAGI was too high for Roths, but we didn't know it and we contributed 6000 and 7000 to our Roths.
In 2021 our MAGI was also too high for Roths, but we didn't know it and...
- We again contributed 6000 and 7000 to our Roths.
- When doing our 2020 taxes we discovered the limit issue, and recharacterized all the above the Roth monies for both my spouse and I, (for both 2020 and 2021.)
- My spouse never had a Trad IRA, so she also did a backdoor Roth with her entire recharacterized amount (from both 2020 and 2021).
- I did not do a backdoor.
We have received the following 1099-Rs (tax year 2021 listed on them):
Me:
- Dist Code N; IRA/SEP/SIMPLE [blank] - $7130
- Dist Code R; IRA/SEP/SIMPLE [blank] - $11597
Spouse:
- Dist Code N; IRA/SEP/SIMPLE [blank] - $6576
- Dist Code R; IRA/SEP/SIMPLE [blank] - $8071
- Dist Code 2; IRA/SEP/SIMPLE [X]; Taxable amt not determined [X]; Tot Dist [X] - $14169
Would you please tell me:
- Do I need to amend our 2020 return as TT seems to be indicating (because of the 1099-R Dist Code R forms)?
- If so, how do I amend our 2020 return?
- What fields need to be filled out on our 2021 return for any of these 1099-R amounts?
- What fields need to be filled out on our 2021 return for my spouses backdoor conversion, (which I believe would be for the $14169 listed on the 1099-R?)
- Do I have an 'excess contribution', and do I need to pay a 6% tax on it, and if so how?
Thank you very much for your advice!
Ruffy
