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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
March 2, 2024
5:18 AM