JulieS
Expert Alumni

Get your taxes done using TurboTax

If you contribute more to your Roth IRA than you are allowed, you can contact the trustee of the account, explain your situation and have the excess plus earnings withdrawn.

 

You have until the tax deadline in 2023 to do this for 2022, but if you can withdraw the excess before the end of 2022, you will avoid getting a 2023 1099-R to report it. 

 

You don't have to figure the earnings amount, your trustee or broker will do that for you. 

 

If you leave the excess in the account, you will be charged a penalty of 6% of the excess every year until you withdraw the excess. 

 

Here is a good explanation of how to report this in TurboTax. 

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