I was doing my daughter's taxes and just realized that she contributed $6K into Roth IRA for 2022 tax year, but only made $1,886 in income. There was no contribution for 2023 tax year and 7000 for 2024 tax year. How do I fix this? From reviewing other posts, do I do the following:
1) Amend 2022 Tax return declaring excess contribution of $4,114, and generate the 5329.
2) Amend 2023 Tax return to get a 5329 for the penalty.
Now not really sure what to do with excess prior to 2024 Tax deadline
3) Contact Roth IRA Custodian to remove excess from the 2024 Contribution ($7,000-$4,114).
4) Create a 1099-R 2024 Tax return. And how do I determine if there was any earnings?
Thank you
