Hello
In reviewing past tax forms for 2014, we realized that my husband accidently contributed $4000 to his Roth IRA that was intended to be put into his traditional IRA. Due to our MAGI - it was not allowed and is now considered an excess contribution. He made a non dedeuctible contribution of $1980 to his traditional IRA in 2014 as well.
My question- is it too late to amend our 2014 taxes and move the $4000 over to his traditional IRA as a non deductible contribution? (I believe the max contribution to a traditional IRA for 2014 was $5500 +$1000 catch up (he turned 50 in 2013) - so a total of $6500.
He contributed $5000 to his TIRA in 2015 and $0.00 in 2016.
If it is not possible to amend 2014, can we amend our 2015 taxes and move $1500 of the excess to his TIRA and then the balance to the 2016 taxes TIRA
I understand that we will have to pay the 6% penalty, but for what years? Up until the funds are allocated or all the way through 2022?
Also- what forms do I need to submit for amendment? Any and all help would be appreciated. This is keeping me up at night!
Thank you
