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Retirement tax questions
You need to remove the excess with an ordinary distribution before the April 15 due date to prevent another 2018 6% penalty.
You will need to amend 2017 and enter the contribution which will produce a 5329 with a 6% penalty for the excess.
Amended returns can only be mailed. It is suggested that it be mailed certified with return receipt (or other tracking service) to verify that the IRS receives it.
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
https://ttlc.intuit.com/replies/3288565
You can check the status of the amended return here, but allow 3 weeks after mailing.
https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎June 6, 2019
12:47 AM