dmertz
Level 15
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Odd that the broker's system would not prevent making multiple IRA contributions for 2024 totaling more than $8,000.  Make sure that both your traditional and Roth IRA contributions were designated as being for 2024 rather than one of them being designated as being a contribution for 2025.

 

Assuming that both $8,000 contributions were designated as being for 2024, to avoid penalties you must ask the IRA custodian to make an explicit return of $8,000 of contributions (either from the traditional IRA, the Roth IRA or a combination of the two).  Given recent market performance, there's a good chance that the return of $8,000 of contribution will be a gain-/loss-adjusted distribution of less than $8,000.  You have until the due date of your 2024 tax return, including extensions, to obtain the return of contribution.  If an excess remains, the excess is deemed to be in the Roth IRA.

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