I mistakenly reported an excess IRA contribution of $5000.00 in 2010.
I know that I can't amend after 3 years. However, since I continue to pay taxes on the mistaken $5000.00, how do I fix this? ======>> I guess you need to contact the IRS for more accurate info in detail; the only ways to get a refund past the 3 year filing limit are: Hardship. Say, you couldn?t file the past amendments because you were ill or dying or spending full-time caring for someone being ill or dying. Another situation is that the money paid in for the taxes was not a tax payment but it was a deposit.
Say, you paid $4K or so with each year?s extension for several years, without really having any idea of your tax liability and without filing a tax return.
I have already contributed to my 2017 IRA. Do I wait until 2018 and not contribute to an IRA so that there is no longer an excess contribution===>Since you discover the excess contribution before you file your tax return, you won't have to pay the excise tax if you withdraw the contribution. The transaction must be completed by the date including extensions your return is due.You need to contact your plan custodian and asking them to undo the contribution. You can take the contribution out at any time before you file your taxes, including extensions. If you have contributed too much for tax year 2017, you have until October 15, 2018 if I assume you file an extension to correct the contribution. Because your custodian will be reporting your net annual contributions to the IRS, you need to work with your custodian you want your custodian's help in reporting this correctly to the IRS