Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-30-2013, 12:30 AM
Junior Member
Join Date: Jan 2013
Posts: 2
Excessive Roth IRA Contribution

I incorrectly contributed around 3k in excess to my Roth IRA account in 2011 (Only had one W-2 with income of around 60k). I did not withdraw/transfer this amount in time as I did not know about the 5k limit to Roth IRA contributions. In 2012, I also contributed around 3k in excess to my Roth IRA Account. I understand I can get the 2012 excess to roll over or withdraw w/o penalty, as it is still before the filing deadline. However, for my 2011 excess, will I get penalized the 6% for both 2011 and 2012? Do I have to file an amended 2011 form? Any other tips to handle this situation?

Thank you.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Big problem with Roth Contribution wally5 Income 1 02-17-2012 01:52 AM
Desperately searching for an answer -- Roth IRA excess contribution ashley421 IRA/Sep 1 03-26-2011 02:19 PM
Excessive Draws/distributions (capital Gains) isimpson30 S-Corporation 0 12-07-2009 03:21 PM
What is the limit for a Childs ROTH IRA Contribution? TaxGuru For 2008 0 06-06-2008 07:44 AM
Will the IRS allow me to make a contribution to both a SEP-IRA and a Roth IRA? disa IRA/Sep 1 02-05-2008 10:24 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning