For 15 years I've claimed simple IRA contributions but I didn't make them to an official IRA account, through my own stupidity I guess. I thought I could just put money in investments/savings but now realize it has to be an official account.
Am I completely screwed? Is there anything I can do, like officially creating an IRA now, then taking distributions from it when I'm required to at 70 1/2 years old, or is that pointless now and I should expect to be fined/prosecuted about this? I'm 67.
I'd planned on taking distributions and paying taxes on them but it seems like it has to be covered by a 1099 or some other reporting form?
Thanks for your help: didn't mean to break the law, but do I need to get an attorney to sort this out? Or just hope they don't ever notice at IRS? Or start unraveling it with a CPA? Is there a statute of limitations with IRS for bonehead mistakes like this or would I have to amend every return in the past where I didn't properly claim deductions?