Dmertz,
thank you so much for your advice, which I will follow. Allow me to summarize what I understood, and maybe you can let me know if I got the steps correctly:
1) I will prepare Amended Federal and State Returns to include the two, recently received, 1099-Rs forms from Vanguard for 2023. I will delete the old $190,000 code G 1099-R.
2) Both of these recently received 1099-R Forms have a box checked that says 'Duplicate'. I will though classify in TurboTax as 'Corrected' the $4,600 1099-R form (code E) and classify as 'duplicate' (if I even can, if not I will not classify it at all) the remaining $185,600 1099-R form, code G.
3) I will report the $4,600 as a non-deductible regular personal traditional IRA contribution on my amended 2023 tax return, and track it on Form 8606 going forward.
Do I have the steps correctly?
May I ask you about interests or penalties?
Do I understand that TurboTax does not calculate any of those and I will wait for the IRS and CA Franchise Tax Board to send me a notice for interests due? Should I estimate the interests and add them to my additional payments to contain the compounding?
Finally, I am assuming the sooner I submit the amended return the better (less interest compounding) and definitely no later than April 2025?
Thank you thank you thank you
