MichaelG81
Expert Alumni

Retirement tax questions

No, if it was after tax money you can take the excess Roth IRA out without additional taxes, but still have to pay taxes from your W2 income. The only tax will be on earnings of the Roth. If not removed by April 15 , 2023, the general date, then an additional 6% penalty will apply, just let TurboTax know you are withdrawing the excess in the interview plus interest to remove penalty. Make sure to tell the Roth IRA admin that this is an excess withdraw. 

 

If you have an excess on Roth you will have an excess on a traditional IRA pretax advantaged account too. You may have a plan at work that makes you ineligible or you made more than 6000 combined to a traditional or Roth IRA; or 7000 if catch up. This shows the maximum of how much you can contribute in case you have a plan at work or not.

 

@taxpayer211 

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