Hi @DanaB27, thank you so much! I followed the same steps and made amendments to 2022 return, i.e. entering the excess contribution in the Deduction section and letting turbo tax calculate the penalty through form 5329.
For 2024, I would follow the same steps one more time and let TT prepare another form 5329 (penalty calculated should be 0 by then). Is this necessary?
If the above 2 are correct, I would also like to confirm, correcting Roth IRA contribution doesn't need to involve 1099-R and Wage/Income section at all, unless there's withheld tax on earnings involved.
When I requested the withdrawal, I did not understand that the withholding is on earnings and had my fin. institution withhold $1.15 tax (even though the account had net loss). Because of the $1.15 tax, when I get my 2024 1099-R, I would need to enter the 1099-R in Wage/Income/IRA section for 2024 return, so that the withheld tax get included in taxable income? Is this right? Thank you so much!
