camvan
Returning Member

Excess contribution to ROTH IRA for 2022. What do I need to do now to avoid penalty? Withdraw vs Recharacteritzation?

What should I do now before filing my tax return for 2022?

I have contributed 7000$ in 2022 into Roth IRA.

 

Can you advise me what to do now to avoid tax penalty?

I invested in stock for the Roth IRA.

 

Do I have to sell the stock?

Can I change the Roth IRA to traditional IRA and not owing penalty?

 

Please help QUICK.  Want to file my tax return by tomorrow 4/18