Hi,
I was doing my 2021 taxes and found out in the process that I made an excess contribution in 2020 for my ROTH IRA because I got married that year and filed "married filing separately". On my 2021 taxes, there is a question asking if I made an excess contribution prior to 2021 and I noted yes and the amount. Now, I see a decrease in my tax return. Is this the 6% penalty>
Also, when I take those funds and recharacterize them into a traditional IRA, does that count as a 2021 trad IRA contribution or a 2020 contribution, or none at all?
Do I need to do anything else? Please help.
