DawnC
Expert Alumni

Deductions & credits

Remove them before May 17th.   Contact the IRA custodian and tell them that you have over-contributed and to return the funds to you.   They will return the contributions and the earnings on those contributions.    You will need to include the earnings portions on the 2020 tax return that you are filing now.   If you want to avoid the 6% penalty, remove the contribution and report the earnings before you submit your return.     @raisa_machado

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