The answers to your questions are listed below.
- Yes, however it must include the earnings on the excess contribution as well.
- You should see code J
- Yes, the penalty will apply to all three years the excess remained in the Roth IRA. Tax year 2026 will not have the penalty but will be taxed on the earnings portion.
- Yes, each year must have Form 5329 and the penalty will be due for each tax year. Interest and penalty will apply for each day the payment is late. It's possible to request relief from the underpayment penalty. Use Form 843 after payment, it never hurts to try and success can happen.
- Yes, as indicated you will receive a 1099-R with the code mentioned above for your 2026 tax year. Again, the earnings are taxable in 2026.
- How do I amend a tax return for a prior year?
@Tax039494
[Edited: 04/16/2026 | 7:09 AM PST]
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