excess ira contributions 9 yrs ago

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Subject Author Date excess ira contributions 9 yrs ago patliz 03-25-2008  Re: excess ira contributions 9 yrs ago D. Stussy 03-26-2008
Posted by patliz on March 25, 2008, 10:00 pm Please log in for more thread options "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." -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on March 26, 2008, 7:04 am Please log in for more thread options > "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). -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Need help with excess Roth IRA contributions ... February 25, 2007, 5:00 am 401(k) return of excess contributions March 20, 2007, 1:27 am Excess Roth IRA contributions May 25, 2007, 10:50 pm Excess ROTH IRA contributions December 6, 2007, 4:34 pm SEP - single ee, ee vs er contribs, excess contributions February 25, 2007, 12:21 am 401(K) Excess Contribution January 26, 2007, 11:52 pm excess 401(k) contribution April 3, 2007, 6:46 pm excess 401(k) contribution & W-2 April 16, 2007, 12:09 am Excess IRA contribution January 28, 2008, 8:55 pm excess contribution to 457 February 1, 2008, 11:25 am