Hello TT Community. In 2019 my senior mother, 74 years old at that time, asked me to do her taxes using TT as she wasn't happy with her tax person. Since 2019 I have done her taxes in TT but did not realize that she has been contributing the max allowed each year to her ROTH IRA as she is still employed full-time.
Question: Going back over the past 5 years since I have done her taxes, just looking at her ROTH info, there have three years where her AGI has exceeded the upper limit for eligibility for making a contribution at all though she has made the max contributions for those years. Do we need to unravel everything now and file for excess contributions possibly going back even further than 2019 and see how much in penalties she has to pay?
An additional complication is that her investment management co made a system error and forgot to withdraw her 2023 RMD but my mother caught it and corrected it in Feb 2024. However, we will have to address that in form 5329. Now it looks like we might have to address her 2023 excess ROTH contributions in the same form, correct?
Thank you in advance for reading this long post and looking forward to the advice.
