how far back can roth ira contributions be corrected
For example, suppose you made a $3,000 annual contribution to a Roth IRA early in 2003, then got a larger bonus than you expected and found that your permitted contribution was only $1,800. Your excess contribution was $1,200.If you didn't correct the excess contribution for 2003, you had to pay $72 excess contribution tax (6% of $1,200). And if you left the problem uncorrected beyond the end of 2004, you owe another $72.our excess contribution was $1,200. If you didn't correct the excess contribution for 2003, you had to pay $72 excess contribution tax (6% of $1,200). And if you left the problem uncorrected beyond the end of 2004, you owe another $72.