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Retirement tax questions
return of excess contribution:
before tax due date including extensions:
positive earnings allocable to the excess are taxable on the Line 4b for the year of the contribution. negative earnings are ignored; in which case, for purposes of basis, consider the original requested amount as returned.
positive earnings removed are penalized 10% if you are under age 59 1/2.
May 21, 2023
5:24 AM