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Posted by D. Stussy on March 26, 2008, 7:04 am
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> "In doing my taxes this year, I had to review my previous IRA
> contributions. I
> noticed in 1999 I made an excessive contribution of $200 in my roth
> IRA. I know I need to
> take out that $200 and any interest derived from that amount but what
> do I do with it and how do I report this error on my tax form. Thank
> you."
If in any year since, you've made a contribution of at least $200 less than
the maximum for that year, then you've already corrected the situation,
except for the excise tax penalty. As the period of limitations for a
timely-filed 1999 return expired in April 2003, there's nothing you can do
about the additional tax - until you get to tax year 2004 and the issue
wasn't yet corrected. 2004 should be corrected before April 15, 2008, else
the period of limitations (for a timely filed return) closes for that year
too.
Form 5329 should handle the "penalty" (excise tax).
--
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