Hi. In 2019 I over-contributed by only $12. Not very smart of me and I have already filed. Obviously the 6% penalty is not a big concern on $12. The account has only been open for two years. I am currently contributing for 2020 and my plan is to contribute the max minus $12. Is this sensible, or should I process a small, early withdrawal to correct the excess sooner? I know that not much money is at stake either way, I’m trying to find the option that is the least complicated/negative for my next tax filing. Thank you!
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The least complicated is what you're thinking. pay the 6% penalty. count the excess as a 2020 contribution.
The least complicated is what you're thinking. pay the 6% penalty. count the excess as a 2020 contribution.
Thanks!
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