In 2012 I overcontributed to my Roth IRA by $333. I know that I need to file form 5329 (with line 24 = 333 and line 25 = 20) for years '12, '13, '14, and '15.
It's 2016 and 2017, that I want to clarify:
- I will request a distribution of the $333 overcontribution (not including earnings since it's not a timely withdrawal). The distribution will be completed in March 2017 (this month / year).
- I will receive a 1099 for my early distribution from my roth IRA and I will report the early distribution, penalty, etc on my 2017 form 1040
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- For 2016, do I still fill out the 5329 in the same way as I did for '12, '13, '14, and '15? (since the distribution was not completed by 12/31/2016)
- For 2017, do I file a 5329 with line 20 (2016 distributions from roth IRAs) = 333, so that line 24 totals to 0 and so line 25 also equals 0?
Is this correct? In particular: am I correct about not withdrawing earnings and the way to file 5329s for 2016 and 2017? Is there anything I'm missing? Will I need a form 8606?
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I assume that you were not eligible to apply this $333 as a contribution for any year after 2012.
Yes, your 2016 tax return must include Form 5329 to report this excess contribution that remained in your Roth IRAs at the end of 2016.
Yes, your 2017 tax return will include Form 5329 to apply your distribution on line 20 to be subtracted from the excess shown on line 18.
Yes, you are correct about not needing to withdraw earnings.
Yes, assuming that this Roth IRA distribution is not a qualified distribution, it will appear on Form 8606 Part III. It will not be taxable since it will be a distribution of contribution basis.
I assume that you were not eligible to apply this $333 as a contribution for any year after 2012.
Yes, your 2016 tax return must include Form 5329 to report this excess contribution that remained in your Roth IRAs at the end of 2016.
Yes, your 2017 tax return will include Form 5329 to apply your distribution on line 20 to be subtracted from the excess shown on line 18.
Yes, you are correct about not needing to withdraw earnings.
Yes, assuming that this Roth IRA distribution is not a qualified distribution, it will appear on Form 8606 Part III. It will not be taxable since it will be a distribution of contribution basis.
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