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What is the tax free way to remove excess contribution to a Roth IRA account?

If I take money out of Roth IRA into an individual account, I think I will get a 1099-R that show the money is a taxable distribution, even if I put the same money into Roth IRA during the same year. 

So how to remove excess contribution to Roth IRA without paying tax?

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1 Reply
AnnetteB6
Expert Alumni

What is the tax free way to remove excess contribution to a Roth IRA account?

Take a look at the following TurboTax help article for your options to remove an excess Roth IRA contribution.  Keep in mind that if you filed an extension, these options are available to you until the filing deadline of October 15, 2024.  (Note, it appears that this article was not fully updated for the 2023 tax season as the dates are off by a year.)

 

What happens if I made an excess Roth IRA contribution because my modified adjusted gross income is ...
 

 

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