I have a sticky situation here. There are some questions so thank you in advance whoever has the patience and kindness to help me.
I need to report excess contribution on Roth IRA and take penalties.
2014 excess contribution - contributed Jan 2014 - removed in June 2020 - 6% penalty for 6 years
2015 excess contribution - contributed Feb 2015 - removed in June 2020 - 6% penalty for 5 years
2016 excess contribution - contributed Jun 2016 - removed in June 2020 - 6% penalty for ? years
2017 excess contribution - contributed Feb 2017 - removed in June 2020 - 6% penalty for 3 years
2018 excess contribution - contributed Jan 2019 - removed in June 2020 - 6% penalty for 1 years
2019 excess contribution - contributed Jan 2019 - removed in January 2020 - no penalty
- How do I calculate the number of years I need to take penalty? Esp. for 2016 and 2018. 2016 was contributed in June 2016. 2018 was contributed in Jan 2019.
- Do I report them in each year’s year return by making tax amendments?
- I am still waiting for 2016’s amendment result. What should I do with that year?
- 2014-2016 have passed the time frame for tax amendment. What should I do?
- There is no 1099-R for these removals. Should I report anything on this year’s return and how do I do that in Turbotax?
- How do I calculate penalty considering gain/loss from the excess contribution?
