Due to my incompetent previous Tax Preparer_I am trying to figure out how to best address this situation and I need to know when these penalties are assessed.
Because I have made approximately 18 years of excessive contributions I am considering just cashing out my Entire Roth IRA and negotiating a settlement with the IRS if it comes to that.
I would prefer to cash it out just prior to April 15 2025 if I was certain that another round of 6% penalties was not added as of January 1 2025.
Thanks for any help/advice you may provide. There is no easy fix for this situation due to the amount and time frame of all the excessive contributions.
