dmertz
Level 15

Retirement tax questions

I'll assume that you've been ineligible to make a Roth IRA contribution ever since making the excess contributions, otherwise you can apply some amount of excess each year that you were eligible to contribute but did not.

 

The excess contributions remain in your Roth IRA and to correct them you must obtain a regular distribution from your Roth IRA equal to the amount of the excess.  The distribution will be a nontaxable distribution of contribution basis.  It's unfortunate that you did not address this last week when you likely could have made this distribution in time to avoid the excess contribution penalty for 2023.