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Get your taxes done using TurboTax
Because you've made an excess Roth IRA contribution, you'll need to either obtain an explicit return of contribution from the Roth IRA or request that the IRA custodian recharacterize the Roth IRA contribution to be a traditional IRA contribution instead, otherwise you'll have a 6% penalty on the excess each year until the excess is corrected.
‎December 30, 2023
12:43 PM