rbynaker
Level 14
04-02-2021
10:30 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The 2019 IRA contribution would probably not be excess (unless there's no earned income), it would simply be non-deductible. I've reported these alone on Form 8606 and that the TP sign & mail it in by itself. Technically the IRS can assess a late penalty (I think it's $50) but I've never seen it actually happen.
The 2020 Roth IRA contribution can be corrected by 5/17/21 and you just pretend it never happened.