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How can I find out if I over-contributed to a Roth IRA in previous years?
My taxes have been done by different systems/CPAs over the years. How can I tell if I contributed too much to a Roth IRA at some point in the past? Is there a form to ask the IRS? I don't want to find out 20 years from now that I over-contributed in 1998 and have accumulated a $10,000 penalty!
Thanks in advance
Phil
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How can I find out if I over-contributed to a Roth IRA in previous years?
There is no form to ask about limits. The limits are set each year so it would not matter what system you used. Whoever did your taxes should have alerted you to a problem. You can check your contributions against what was allowed.
IRA maximum contribution limits have increased over the years. They started in 1975 with a $1,500 limit from 1975-1981, $2,000 limit from 1982-2001, $3,000 limit from 2002-2004, $4,000 limit from 2005-2007, $5,000 limit from 2008-2012, and $5,500 limit from 2013-2018.
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How can I find out if I over-contributed to a Roth IRA in previous years?
There is no form to ask about limits. The limits are set each year so it would not matter what system you used. Whoever did your taxes should have alerted you to a problem. You can check your contributions against what was allowed.
IRA maximum contribution limits have increased over the years. They started in 1975 with a $1,500 limit from 1975-1981, $2,000 limit from 1982-2001, $3,000 limit from 2002-2004, $4,000 limit from 2005-2007, $5,000 limit from 2008-2012, and $5,500 limit from 2013-2018.
**Mark the post that answers your question by clicking on "Mark as Best Answer"