Anonymous
Post 02/26/2023 16:06     Subject: Excess Roth/Amended return
You can ignore it. For one you can permissibly round to the nearest dollar on your return. Second, the absolute harshest IRS penalty for fraud is 100%. If the irs sends you a bill for $.08 in the future you can just pay it then.
Anonymous
Post 02/26/2023 12:17     Subject: Excess Roth/Amended return
Anonymous wrote:Last year I made an excess Roth contribution due to my not understanding how my 1099 earnings were defined. I quickly realized the mistake and while using turbotax and corrected it. In the short amount of time it was deposited, it earning 4 cents of interest which I got a check for. TurboTax is saying I need to amend my 2021 for the 4 cents of income. I can ignore right? This all actaully happened in 2022 but it was related to a 2021Roth.


Ignore. The AGI and taxable income and finally tax won't change at all.
Anonymous
Post 02/26/2023 10:01     Subject: Excess Roth/Amended return
Last year I made an excess Roth contribution due to my not understanding how my 1099 earnings were defined. I quickly realized the mistake and while using turbotax and corrected it. In the short amount of time it was deposited, it earning 4 cents of interest which I got a check for. TurboTax is saying I need to amend my 2021 for the 4 cents of income. I can ignore right? This all actaully happened in 2022 but it was related to a 2021Roth.