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Deductions & credits
don't do the withdrawal on your own. contact the trustrtee and tell them you have made an excess contribution of $60 which you want to be removed. this is important so that the trustee sends properly coded tax forms to the iRS. if not you could face a 6% excess contribution penalty and a 20% penalty for a non-qualified withdrawal
your other option is to leave the money in pay the 6% penalty and then undercontribute by $60 in 2023
‎December 10, 2022
9:33 AM