dmertz
Level 15

Retirement tax questions

Yes, this is an IRA contribution, not a rollover.

 

Apparently you are not eligible to have made the IRA contribution.  The excess contribution is subject to a 6% penalty every year unless corrected.  As long as you file your tax return or request a filing extension by the end of today, April 18, 2023, you have until October 15, 2023 to obtain a return of the excess contribution to avoid the penalty.