Retirement tax questions


return of excess contribution:

after tax due date including extensions properly requested: you distribute the excess amount being carried forward on 5329,
(or offset it with currently allowed contribution) .
An amended return will be needed supplying Form 5329 since there is a 6% penalty per year on excess contributions .
Earnings stay in the Roth account.

 

If you do it now you won't pay a 2024 penalty