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Get your taxes done using TurboTax
Yes that's the problem unfortunately, I think you have to undo that contribution to remove the excess.
But you may be able to do it tomorrow in time to avoid the penalty - you can contact the brokerage where the IRA is held to see what the process is.
You can also "absorb" the excess as an IRA contribution for 2024 rather than withdrawing it, if you know your earned income will be high enough, but you would still have to pay the 6% fee for 2023 if you leave it in the account.
‎April 14, 2024
7:32 PM