DanaB27
Expert Alumni

After you file

Please be aware, we cannot see the detail of your return. 

 

Your Roth IRA contribution may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details. If you had an excess contribution then you pay a 6% penalty on the excess contribution this will be calculated on Form 5329.

 

To avoid the 6% tax on excess contributions, you must withdraw:

  • the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
  • any income earned on the excess contribution.
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