Hi DanaB27,
Thanks for the response. After some due diligence this is my understanding of the situation:
The entire contribution of $12,500, which I intended to be split between 2012 ($6,000) and 2013 ($6,500), is “excess” for 2012 because it was made one day past the deadline for 2012 IRA contributions. A 5329 has to be filed for 2012 to report the excise tax due on the entire amount.
$6,500 of that excess will be absorbed as the contribution for 2013 and the excise tax on the remaining $6,000 will be reported on a 5329 for that year. The remaining $6,000 of excess will be absorbed as the contribution for 2014.
As for the amended returns for 2012 and 2013 which will be filed with their respective 5329s, the only change will be to line 9 where the excise tax will be reported as “other taxes”. The information in all of the other fields can be copied from the original return. |
