Looking for how to resolve excess 2022 contribution to ROTH IRA.
What isn't matched by earned income needs to be mapped to 2023.
Turbotax DOES allow me to show creation of ROTH IRA in 2022 and its appreciated but how to show that the excessive contribution belongs as part of future tax year 2023??
Does my plan administrator need to give me a revised 1099R?
Or can I do everything within Turbotax (desktop version) 2022 tax year?
I already submitted tax filing. Do I then owe a revision to my 2022 tax filing?
Reading the tax code it is time sensitive and must be resolved by 4/15/2022 or there is penalty of 6% per amount over what matches earned income 2022 per year (so longer I wait, greater the penalty).
Anybody reading this needs to also consider their MAGI (there is a limit for having roth IRA - MAGI must be lower than the limit established every year by the IRS). Else read the published segment on backdoor contributions nicely documented in a separate help thread.
