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Roth IRA excess contributions - How to pay excise penalty for multiple years?
We made ineligible contributions to a Roth IRA in three separate years (2017, 2018, 2019). We removed those contributions and associated earnings in a single transaction in January 2021. How and when do we pay the excise penalty using Form 5329?
Will we:
- Do this just once for our 2021 return, since the distribution income came back to us in 2021?
- Or do we need to amend returns for all three years, using a separate 5329 for each?
Thanks in advance.
