Thank you DanaB27 for the detailed reply.
Please allow me to ask 3 more follow up questions:
1) My Roth IRA account was established in 2019 and has not exceeded the IRS 5 years withdraw rule, will this situation affect the result of our original discussion in any way?
2) for tax year 2020, my Modified adjusted gross income falls between 124K and 139K which shrink my contribution limit for 2020, but I was not aware of the rule and did contribute the full 6K dollars into my Roth IRA. Let's assume my MAGI income for 2020 is 130K, the excess contribution I made will be calculated a follows:
130K - 124K = 6K
(6K/15K) = 0.4
0.4 * 6K = 2.4K, this 2.4K dollars is the excess amount I should remove from Roth IRA account, am I correct here?
3) what is the Turbotax instruction to amend 2020 and 2021 tax (I have been using the Turbotax online version for many years).
Thank you so much.
