Roth IRA contributions

Forum|Forum|6 years ago
February 4, 2020
5 replies
18 views

What would you do if a client just now informs you that they have had a Roth IRA since 2008. They have filed MFS all those years which made the Roth contributions as an excess contribution. Would you file amended returns for all the years or pay the 6% penalty? How far back can you amend returns? Thank you for your help.

JP

ProSeries Basic

This topic has been closed for replies.

Best answer by sjrcpa

There never was a deduction so nothing to amend. 5329s are due for all those years and can be filed on their own. Excess contributions and earnings thereon need to be withdrawn to stop the penalty clock.

sjrcpaAnswer

Level 15

There never was a deduction so nothing to amend. 5329s are due for all those years and can be filed on their own. Excess contributions and earnings thereon need to be withdrawn to stop the penalty clock.

The more I know the more I don’t know.

J

jpettigrewAuthor

Level 2

When I referred to an amended return, I was asking if amending it to MFJ would then allow them to avoid the 6% excise tax. Could I do that?

rbynaker

Level 13

@jpettigrew wrote:

When I referred to an amended return, I was asking if amending it to MFJ would then allow them to avoid the 6% excise tax. Could I do that?

I think you could probably go back to 2016. I always have to use my fingers for these things...2016 was due 4/15/17 + 3 years is 18, 19, 20. So should be open to amend until at least 4/15/20.

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