How do you answer the question about the value of Roths as it relates to the "net contribution and if you contributed excess for tracking the basis. For example.
Q: Withdraw from the Roth before 2021?
Answer - no since the withdrawal was 3/2021?
Q: "Enter net regular contributions prior to 2021"
Do you enter the original gross cumulative or reduce it for the $300 returned in 2021 (which was for the 2020 contribution year)?
A bit confused with the reference to years and net.
Hope you can clarify.
Also - please confirm that I enter the 2021 1099R event though I amended 2020 with the same info. I guess this is so the tax paid in 2021 is credited to 2021? Correct?
Thanks and more thanks!
2020 Roth cont. $7k
2021 Roth cont. $7k withdrew $300plus earnings in 2021 for 2020
Do I enter the 2021 contribution as $7k or $6,700
