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Get your taxes done using TurboTax
I didn't respond previously for this vary reason. Assuming that this is the only Roth IRA, it's not clear how the amounts returned are to be allocated to the various excess contributions given that the balance is less than the amount of the excess contributions. Taking a distribution of the entire amount will reduce the penalty to zero since the penalty based on the lesser of excess or the year-end balance.
‎December 20, 2023
4:57 PM