HI. i performed a back door roth last year for 2023 and 2022. I also performed a back door roth for 2024 but it has an excess of $20.
I'd rather not withdraw and have to amend something as I am not too versed in taxes or filling out tax forms. I read that I can just take a 6% penalty and move it to my 2025 contribution.
I am not understanding how that excess of $20 would be "moved" to the next year's roth. If my 2025 roth is funded at the max amount, would as simple as distributing $7000-20? or its some other outside action.
It's also saying i have a total basis from previous years of $100. Can I just move my excess contribute from 2025 to the 2024 or is it too late because i've already distributed the excess $20? Or how is that done?
Thanks in advance.
