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will-schachterle

Level 2

Question

i made excess roth IRA contributions in 2023 and 2024 and it is now past the due date. to fix this do i need to withdraw the principal or the principal+earnings?

Forum|Forum|3 months ago
February 21, 2026
1 reply
9 views

No text available

TurboTax Online

user17708643219

Level 6

You will need to withdraw the excess principal and the earnings associated with the excess principal. Here's some helpful links that give more information on excess ROTH contributions and what to do to avoid (further) penalties:

Level 15

after tax due date including extensions: you withdraw the excess amount being carried forward on Form 5329,
(or offset it with currently allowed contribution) .
Amended return(s) will be needed supplying that Form 5329 since there is a 6% penalty per year on accreting excess contributions .
Earnings stay in the Roth account.

@will-schachterle

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