Erroneous Roth Contributions
I have a client that opened a Roth IRA after done working and made yearly contributions for the last 10 years. No earned income during those 10 years – just pension and social security.
The account value is less than $20k if that matters.
To add to this issues; she does her own taxes.
What do you suppose I do?
Thanks!
Matt
Permalink Submitted by Alan - IRA critic on Wed, 2020-11-11 17:55
Technically, she owes excise taxes for every year’s excess contributions. The only contribution she can still remove before the due date with earnings is any 2020 contribution. What do all these pre 2020 contributions add up to?