tw1270
New Member

If I switch the excess amount of 2000 from 2021 Roth ira to 2022 before April 15, do I pay the 6% taxes?

 
MinhT1
Expert Alumni

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).

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"