- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Excess Roth Contribution
I made an excess Roth IRA contribution on 2021 for $6942 due to lack of earned income. I discovered this while preparing 2022 taxes before filing. I called my brokerage and had them remove the contribution plus the earnings of $1040.59 minus a withholding of 10% federal and $50. in state taxes so that I would not have to pay the 6% penalty. I am now totally confused on how to report this on my 2021 tax before I file since I assume I wont be receiving a 1099-R until 2022. Please help I am totally lost Thanks
‎February 27, 2022
3:00 PM