626038
i had excess contribution for my roth ira listed on my 2015 income tax form 5329. i also had excess contributions in 2016 and 2017. i paid the necessary taxes due to the excess contributions. now for the 2018 income tax, i want to take the roth ira withdrawal to correct the excess contributions for the 3 years prior. how do i correct this mess?
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Since the excess has not yet been corrected, you have another 6% penalty for 2018 unless you can apply the excess as a contribution for 2018. If you can't apply the excess as a 2018 contribution, the excess has now carried into 2019. To resolve the excess and avoid another 6% penalty for 2019, take a regular Roth IRA distribution of exactly the amount of the excess, with no adjustment for earnings or loss, by the end of 2019.
Since the excess has not yet been corrected, you have another 6% penalty for 2018 unless you can apply the excess as a contribution for 2018. If you can't apply the excess as a 2018 contribution, the excess has now carried into 2019. To resolve the excess and avoid another 6% penalty for 2019, take a regular Roth IRA distribution of exactly the amount of the excess, with no adjustment for earnings or loss, by the end of 2019.
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