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Old 03-17-2013, 10:51 PM
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Removal of Excess Roth Contribution

In March 2012 I contributed 5000 to my Roth for the 2011 tax year. Turns out, due to my AGI, I was not allowed to make any contribution. I only just realized this is the case and have missed the extended deadline for penalty free withdrawal (Oct 2012 I think). Last week I withdrew the excess (5000) but I gather I will have to pay a 6% penalty (300) for both 2011 & 2012. The value of the Roth has actually fallen slightly over the 2 year period so there are no earnings to speak of.

My question is how do I report all this to the IRS? From reading various websites it seems that I need to file form 5329. But for which tax year (2011 or 2012 or both)? Do I need to file an amendment to my 2011 return? I will not receive a 1099-R until Feb 2013, so I'm not sure if I have to wait until then to take care of this.

Thanks in advance for any advice.



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