DanaB27
Expert Alumni

Get your taxes done using TurboTax

Yes, it might be better to see if you can cancel the Roth distribution since it seems that your excess is getting absorbed in 2022 (you can check Form 5329 line 24 for any remaining excess). If you have an excess contribution left on line 24 of Form 5329 then you can request a regular distribution of that amount by December 31, 2023, to avoid having the 6% penalty on your 2023 tax return.

 

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