Tax on excess contribution To Roth IRA
I see that tax on excess contribution to Roth IRA is reported on Form 5329 for federal purposes. What about for CA purposes? I do not see an applicable section on Form 3805P. Any comment will be appreciated.
I see that tax on excess contribution to Roth IRA is reported on Form 5329 for federal purposes. What about for CA purposes? I do not see an applicable section on Form 3805P. Any comment will be appreciated.
Permalink Submitted by Alan - IRA critic on Fri, 2022-04-22 00:54
I don’t think CA has an excise tax on excess contributions. They have their own early distribution penalty which I recall is 2.5%, but no excise tax. I am not aware of any states with a state excise tax for excess contributions.