Thanks for your responses.
Here are some clarifications:
1) The excesses for both me and my spouse were resolved in May 2022.
2) I paid 6% penalty on the 2020 excess for both me and my spouse for 2020 and 2021. Since it was resolved in 2022 for both of us, I agree with you that I don't need to amend 2000 return again - I just need to show on 2022 Form 5329 that the excess is 0.
3) For 2021 return, I did not show 2021 excess for either of us - since excesses were resolved before the Oct 15, 2022 extension deadline. Similarly, I am not going to show 2022 excess in my 2022 return since it was resolved in the same year.
Here are my specific questions re how the the distribution amounts in 1099 R's should be correctly addressed in Turbotax
I received the following 1099 R's from my broker in Jan 2023. All excesses resolved in 2022.
1) 2020 Excess Contribution Resolution
1099 R for my Roth IRA - gross distribution $7000 for my 2020 excess contribution - Box 7 code is T.( State tax withheld; no fed tax withheld)
1099 R for my spouse's Roth IRA - gross distribution $7000 for her 2020 excess contribution. Box 7 code is T (Both Fed and State tax withheld)
In which tax year return (if any) do I show these $7000 distributions (as contributions)for me and my spouse? Or do I ignore those since I have paid penalties for 6% for both 2020 & 2021?
2) 2021 Excess Contribution Resolution
1099 R for my Roth IRA - gross distribution of $5614 (including loss) for my 2021 excess contribution. Box 7 codes of J, P.
1099R for my spouse's IRA showing the recharacterization to a traditional IRA - gross distribution of $11000 for her 2021 excess contribution - Box 7 code R.
I addressed the above in 2021 return. Showed $5614 as contributions on line 4a of 1040-SR; the recharacterization for my spouse was explained in a statement but the $11000 amount did not show up in the forms. Please confirm that 2021 return was done correctly.
3) 2022 Excess Contribution Resolution
1099 R for my Roth IRA - gross distribution of $6652.10 (including loss) for my 2022 excess. Box 7 codes 8,J
I believe the 2022 tax return should show line 4a contributions of $6652.10. However, turbotax is showing contributions of $20,652.10. In other words, it is including $14000 distributions for 2020 excess in the 2022 return. Why is that ? It may be that I have submitted incorrect responses to the Turbotax step by step questions.
Again many thanks for your patience and complete responses. Please also indicate if you are a Turblotax expert.
