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Thanks for the reply. I understand I don’t need to pay for 2021 if I fix it now. But what about 2020? I’m just unclear if I need to pay it for 2020 since I didn’t fix it based on calendar year, but technically ok based on tax year 2020. Hopefully that makes sense.
Earnings are not contributions. Because they are not contributions, they are not excess contributions.
so don’t need to do anything tax wise for earnings that I recharacterized to a traditional? The 1K?
since I only pulled the 2019 excess in 2021, do you know if I need to pay the 6% penalty for 2020?
The $6,000 excess contribution for 2019 is subject to a 6%, $360 penalty on your 2020 Form 5329, because this excess was not resolved until after the end of 2020.
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