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Old 29.04.2018, 18:39
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Re: withdrawing ineligible contributions to Roth IRA

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Has anyone been through the process of removing ineligible contributions to their Roth IRA in the US? I contributed for a few years when I was abroad and had excluded 100% of my foreign earned income.

I know that I have to fill out form 5329 for all the years I made the ineligible contributions and withdraw my Roth contributions. I'm wondering where to expect penalties.
I am sorry I can't help you with your question - but I have been considering rolling my traditional IRA into a Roth IRA -I believe I cannot contribute to it now, correct, are the other issues I need to consider for this?

Thanks and I hope someone comes on who can help you with your question. I do think I removed contributions to my traditional IRA once and transferred them to a standard mutual fund account, but I had invested with Vanguard and it was pretty easy to do. Also I think it was only 1 year of contribution.
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