"patliz" <patliz1[at]juno.com> wrote in message
news:d3ff31b4-b54b-4f0a-b29d-d4004dd6ea1e[at]m36g2000hse.googlegroups.com...
- quote -

If in any year since, you've made a contribution of at least $200 less than
the maximum for that year, then you've already corrected the situation,
except for the excise tax penalty. As the period of limitations for a
timely-filed 1999 return expired in April 2003, there's nothing you can do
about the additional tax - until you get to tax year 2004 and the issue
wasn't yet corrected. 2004 should be corrected before April 15, 2008, else
the period of limitations (for a timely filed return) closes for that year
too.

Form 5329 should handle the "penalty" (excise tax).

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"In doing my taxes this year, I had to review my previous IRA
contributions. I
noticed in 1999 I made an excessive contribution of $200 in my roth
IRA. I know I need to
take out that $200 and any interest derived from that amount but what
do I do with it and how do I report this error on my tax form. Thank
you."

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >