I think after reading a lot of the questions on this forum concerning Roth excess contributions, I’m following what you are saying about amending 2020 and 2021 taxes to include the 2020 excess contribution of 7k which if doing on turbo will generate form 5329 for both years to pay my 6% excise tax each year. If it doesn’t flow for me on turbo I can do it by hand on the appropriate forms for each year
The questions I still have ....
1. Do I have to amend my calif state tax returns as well?
2. Do I have to amend the 2021 federal /state again for the 2nd time in 2023 once I receive my 1099-R form showing a loss on earnings. I am down the whole $5717 excess contribution and them some, so expect my earning to be zero. If for some reason they are not and the 2022 form shows an earnings gain . Do I need to amend again in 2023, for the newer excess I took in 2021 or is it better to wait to amend everything at once ? I was thinking I might accrue more late fees and interest penalty?
Thank you
