![]() On the 2016 Form 5329 you'll have a penalty of 6% of the amount that you contributed for 2016 and on the 2017 Form 5329 you'll have a penalty on 6% of the sum of the contributions made for 20. ![]() You must file 20 Forms 5329 to report and pay the excess contribution penalties associated with the excess contributions. What part of the 2016/2017 mess do I mention in my 2018 return? Do I just not mention anything and wait till next year to deal with it? Do I pay the penalty now or do I I wait till next year to pay the penalty? (6% per year that the excess is not withdrawn, plus 10% on earnings) what is the next step?ĭo I need to amend my 20 returns? Or can I just pay the penalty along with my 2019 return? If I have to amend, do I amend now or after I receive my 1099-R next year? Will it change my penalty if I do it this year vs next year? I was told that if I remove my excess contributions by the 2018 tax deadline, I don't have to pay penalty for the 2018 tax year. This means I'll be getting my1099-R next year. Last month I withdrew both my 20 Roth IRA contributions (along with associated gains). And when I look back at my tax returns, I never mentioned these contributions. I am not allowed to make any direct roth IRA contributions.
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