Please forgive my naiveté when I tell you what happened..
I opened up an IRA account maybe 20 years ago (in my early 20's) and contributed to it here and there. I started working for my current employer back in 2011 and started paying into my employer's retirement account, while still contributing towards the IRA (some years only $2500, some years $5000, it varied year to year).
I only found out in 2023 that it's illegal to contribute to both retirement accounts, at which point I stopped contributing to the IRA.
My income has always been too high to ever claim a deduction from contributing to the IRA.
I was recently made aware of the Return of Excess form for contributions made beyond the federal limit.
My questions are...
*Is there a statute of limitations on needing to file a Return of Excess form? Because I made additional contributions starting in 2011 (again, never took a deduction), is a form required for a tax year that was 14 years ago?
*Because I never took a deduction from any of the IRA contributions I made, does anything need to be done at all?
*There are some years that my retirement contributions didn't fully meet the federal limit, in that case is my IRA contribution okay, so long as the total between the two contributions didn't go over the federal limit?
Please help me figure this out. I will try and answer any questions you have if further clarification is needed. How bad did I mess this up?
Thank you,
lchan
