After doing all my total of my 3 ROTH accounts, I took a withdraw from one ROTH IRA account in May 2019 after I filled my 2018 tax return in April 2019. In Feb 2020 I received the 2019 form 1099R showing a taxable amount, distribution and code J P in BOx 7. At the time of realizing that I exceed the $5500 limit and start to withdraw, I was already 1 month late.
Without filing an amended 2018 return and now filling this 1099-R, will I be penalized 10% (early withdraw before age 59) or will I be penalized 6% (excess contribution even it's only there excess of 1 month, not a whole year) ? if so, will I get IRS letter of penalties several months later?
any other options I have?
