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Deductions & credits
Be aware that only the investment gains attributable to the $6,000 excess contribution would be taxable (and subject to an early-distribution penalty) if you obtain a return of contribution, but you are correct that if the percentage of investment gains in the Roth IRA account after making the contribution was substantial it would make sense to keep the excess contribution for 2022, pay the $360 penalty with your 2022 tax return, and apply the excess as part of your 2023 contribution. (The contribution limit goes up to $6,500 for 2023.)
‎February 6, 2023
5:24 AM