Hello,all right. ... I have reviewed my 2022 & 2023 form 5329 . I had done as you listed, for section IV, and paid the 6% penalty. So that is looking good. But on my 2024- 5329 ,that was generated with the software, you said: The excess $700 should have carried forward to your 2024 Form 5329 line 18 and the distribution will then be on line 20 to be subtracted from the excess, with line 24 showing $0.
For 2024 I contributed a bit less than the maximun allowable contribution into my Roth equaling = $470.
What was generated is a 5329 : for some reason... LINE 18 = 542
LINE 19= 20
LINE 21 = 20
LINE 24= 522
LINE 25= 31 (additional tax)
So any way That is how it all came together,
any additional thoughts would be appreciated.
