So, I over contributed my Roth by $1763 in year 2018. It was too late to remove excess, so I will fix it by not contributing the full amount in 2019, thereby rolling over the $1763 and paying the 6% penalty.
I need clarification,, Do I need to amend my 2018 taxes to show the over contribution. If so , what in the amended form do I have to fill out (section?) is it part of the tax liability section. Where does form 5329 come into this process as it actually has the area where it asks about the excess contribution. Part IV additional tax on excess contribution to roth iras. Not ever had to file an Amended tax form, I have no clue, on how to pay the excess or if it will transfer to my 2019 taxes..
By the way, there are some answers in this forum that state that you have to pay 6% on the total value of the Roth account, just asking,,, it is only 6% of the amount that is over funded per year that it is in the account. Am I correct??