DianeW777
Expert Alumni

Get your taxes done using TurboTax

It depends. If you find you did contribute when your income was too high you must make a withdrawal/distribution now.  Any earnings will be taxable in 2024 and it's possible to have the penalty waived with Form 5329.  You will be issued a 1099-R in 2024.

 

The IRS chart for income thresholds will help you figure out what you can contribute for 2023 and 2024.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"