FranklinF
Employee Tax Expert

Get your taxes done using TurboTax

SHORT ANSWER !!!

If you contribute more to your Roth IRA than your earned income for the year and realize this before the tax filing deadline (including extensions), you typically have two primary options to resolve the excess contribution and prevent penalties: 

1. Withdraw the excess contribution before the tax deadline (typically April 15th, or October 15th if you file an extension).

2. Recharacterize the contribution