I have already filed a return for my client. Was efiled and accepted and they have already received their refunds. Spouse contributed too much to her Roth IRA. It's a small amount, but I need to file a form 5329 to pay the excise tax. That is the only difference. Should I/Can I just file the 5329 by itself with the check included for the penalty or do I have to file an amended return and attach the 5329? Again, the only difference is they will owe an excise tax for $19.
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Can the excess be withdrawn before April 15th?
brianEverybody should pay his income tax with a smile. I tried it, but they wanted cash -
Yes, it can, but by the time they pay tax on the earnings, plus the 10% penalty on that, I'm not sure there would be much difference between doing that and just paying the 6% excise tax. Then they can carry the excess contribution over to next year to use it up and the 6% goes away.Comment
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For $19 it is ok
brianEverybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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