If you have 102,000 of ineligible contributions you have to remove 102,000 from the Roth. or the entire value of the Roth IRA, whichever is less.
If you have 57,000 of penalty you will be able to afford the penalty unless your Roth IRA current value is less that 57,000.
Note: if your Roth IRA is worth less than 57,000 then the closing of the Roth IRA limits your penalty to the final value of the Roth IRA.
Closing the Roth IRA would be to your advantage.
If your Roth is worth more than 102,000 then that gain remains in your Roth IRA. Closing the Roth IRA would be to your disadvantage.
the 6% per year is the penalty, there is no interest or other penalties.
You can do this yourself without paying $400 an hour to an expert.
I've covered the process in other threads for persons with this problem, three or four excess years but never for 18 instances. the procedure is still the same but tedious.
If your IRA is worth less than 57,000 you can stop amending when you use up that amount on Forms 5329.
You would start amending with the earliest year with an ineligible contribution.
You can make your Roth IRA worth less than $57,000 by trading it away in the stock or options market.
Maybe you're there already ??
@gday111
