Help! I've realized that I made excess contributions to my Roth IRA for 2020-2023. I only filed form 5329 for last year (2023) and did not realize I needed to withdraw or move my excess contributions. I will do that before this year's tax deadline.
2024 - contributed $5,772
2023 - excess contribution of $12,500 (filed form 5329 with my return and paid $780 penalty)
2022 - excess contribution of $13,500
2021 - excess contribution of $13,500
2020 - excess contribution of $13,500
I understand that I need to file amended returns for 2022-2020 to report the excess contributions. But since I did not withdraw the excess contributions, how do I calculate the penalty I need to pay for the excess contributions that were not withdrawn from previous years?
And I should be withdrawing $51,772 + earnings (the excess contributions minus my under contribution from this year) , correct?
