Roth IRA - Return of Excess Contribution

[Guest desaimh]

Hi:

I made excessive contribution to Roth IRA in 2001. Instead of 2000$ max I put in 4000$. I removed excess contribution in December, 2002. How do I report this (penalty etc.) to IRS.

which form should I use?

thanks,

M D

[Appleby]

This response may be a little late... you report the 6 percent penalty on IRS form 5329 . Form and instructions available at the following URLs

http://www.irs.gov/pub/irs-pdf/i5329.pdf

http://www.irs.gov/pub/irs-pdf/f5329.pdf