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If I switch the excess amount of 2000 from 2021 Roth ira to 2022 before April 15, do I pay the 6% taxes?
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March 30, 2022
9:36 AM
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Retirement tax questions
If you apply your 2001 excess contributions of $2,000 to a 2022 Roth contribution before April 18, 2022 then you do not have to pay the excise tax of 6%.
Remember that you must apply the amount of excess and its related earnings. If there are earnings, these earnings are taxed in 2021 (and subject the 10% early withdrawal penalty if you are under 59 1/2).
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March 30, 2022
10:09 AM