Excess Roth contributions
- I made excess contributions to my 2023 Roth IRA. I asked my bank to recharacterize the excess to apply them to 2024. I have not filed 2023 taxes yet. This request should save me from incurring any penalties. My bank says they are unable to do this as they cannot code the co tributes ax 2024 because they were made in 2023. They said I have to do it with the IRS and may have a penalty. Everything I have read says that I can do this. Am I mistaken in thinking that the bank has to take an action to correct t the excess?
‎January 31, 2024
11:57 AM
