Please help to determine my Roth IRA excess vs withdrawal for 2021. Can I roll it back to either of my IRA if I shouldn't withdraw it?

[dmertz]

Once you have entered all of the information needed to determine your MAGI for the purpose of a Roth IRA contribution, TurboTax will indeed inform you of an excess Roth IRA contribution made for the current tax year when you step through the Roth IRA contribution section.  See on TurboTax's Roth IRA Contribution Limit Worksheet. the calculation of the permissible Roth IRA contribution.

[FortuneCookies]

@dmertz 

Thanks for info about the Roth limit worksheet. I found it under 'forms' section. When I saved my tax record each year, I did not choose to include all worksheet and that's why I did not know TT has this calculation behind the scene.

Back to my original topic, Fidelity has processed my check as '60-day rollover'

In the 2024 tax year, I believe I will expect 2 1099-R forms - one for distribution and one for rollover. I will need to record both activities in TurboTax (under other tax situation) even though I won't need to pay penalty. Is it correct?

[dmertz · Accepted solution]

There will be only one Form 1099-R which is what you will enter into TurboTax and indicate that you moved the money to another (or back to the same) qualified retirement account.  You'll also receive a Form 5498 showing the amount deposited as a rollover, but that form does not get entered separately.  Forms 1099-R report distributions, Forms 5498 report deposits ("contributions" of various types as the term is defined in the tax code).

[FortuneCookies]

@dmertz 

I really appreciate your help and contribution to this community. You have provided me a lot of valuable information and guide me through to correct my issue. I have learned more about the IRA process. Thanks again!