> if you removed the excess contribution for 2020 after 4/15/2021 you owe a 6% penalty for 2020. after 4/18/2022 you owe another 6% penalty for 2021
- My excess contributions are for 2021 and 2022. I removed them just after April 18 (due to brokerage pending process).
> if you withdrew the excess contribution for 2021 after 4/15/2022 you owe a 6% penalty for 2021
- I withdrew my excess contribution for 2021 after 4/18/2022 but it is well within the 6-month allowable time window (the rules says "tax filing deadline including extentions") to avoid 6% penalty.
Excerpted from https://www.investopedia.com/what-to-do-if-you-contribute-too-much-to-your-roth-ira-4770686
"You won't face any penalties if you simply withdraw your excess contribution—plus any income it has earned in the meantime—by the due date for your tax return, including extensions."
Can anyone confirm that it's a hard date (04/18) or extended date (10/17) for removal of excess contribs without penalties?
