ErnieS0
Expert Alumni

Get your taxes done using TurboTax

No, you do not have to pay the 6% excess contribution penalty because you removed the excess and earning by the due date of your individual income tax return (including extensions).

 

A recharacterization into a Traditional IRA would avoid the tax. A conversion is converting a Traditional IRA into a Roth.

 

Retirement Topics - IRA Contribution Limits

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