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Get your taxes done using TurboTax
The penalty is calculated by using the smaller of total excess contribution (line 24 of Form 5329) or the value of your Roth IRAs on December 31, 20XX. Therefore, the 6% penalty for 2012 would use the total excess contribution amount of $11,500 and my previous instructions would still apply.
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‎February 8, 2025
3:22 AM