That;s terrible news about the 6% and I will contact the IRS at some point.
Emergency query: No, you do not make a new contribution/move funds into the IRA to apply an excess contribution from a previous year as a 2025 contribution. This is all done on Form 5329.
My accountants dont understand this. I did not file with Form 5329 and dont have an extension, I am amending my 2025 return. Does the Form have to be filled out by today? that wont happen as I dont know how to do it and the amendment wont go it today. Too late to get an extension though I should have,
What is deadline for apply to 2025 IRA ?
They also asked how does a Form link the excess amounts to the 2025 IRA without actually deporting the money? is it a 1099 thats issued end of 2025 that designates it as a 2025 contribution?
