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In general - A 6% excise tax applies to any excess contribution to a Roth IRA.However - For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including extensions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn.
The earnings are considered earned and received in the year the excess contribution was made.
if the excess contribution was made FOR 2014 and corrective distribution was made BEFORE the due date of 2014 tax return - then
- distribution of the original contribution is tax free and penalty free.
- distribution of earning should be reported on 2014 tax return and will be subject to income tax and 10% penalty.
So - if that income was NOT reported on 2014 tax return - then yes - 2014 tax return should be amended and corrected.
If there were NO distribution of earning - you would not be required to report any income on 2014 tax return.
So amendment is not required.
However - if taxes were withheld - you might want to claim a credit for that amount - and that would be claimed on 2014 tax return.