Hello there Question regarding excess contribution into the Roth account
Few years ago I contributed $6000 in 2020 towards 2019 tax year Roth IRA even though my AGI was about the limit. My custodian even though I had an advisor did not advise me correctly or catch this mistake then. Fast FW its 2024 now. In order to pay the 6% penalty, for 2019, wouldn’t my penalty be 0? Because the account balance year end statement of 2019, shows IRA balance = 0 as I deposited for the first time in 2020, towards 2019. I then deposited in 2020 $6000 again in Roth for tax year 2020 and my 2020 year end balance was $12000. In 2021, I deposited again $6000, & incurred some losses and year end balance for 2021 was $15000 instead. How much would be my penalty for all of the years? And I did not have any other IRA accounts nor did I have any balance in them. How can I enter this correctly in the tax forms in Turbotax? Apppreciate help on this.
