DavidD66
Employee Tax Expert

Get your taxes done using TurboTax

Please clarify your situation. How you handle an excess contribution depends on whether it was a Roth IRA or a Traditional IRA, and if the later, whether or not you deducted the excess contribution on your 2019 tax return. 

 

FYI: The penalty if you do not remove an excess IRA contribution by the filing deadline a 6% excise tax for every year the excess remains in the account.

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