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Should not have contributed to a Roth last year. Earnings too high.
I made too much income in 2023 to contribute to a Roth, but had already contributed to a Roth in 2023. I am 66 years old. I had my brokerage firm today take out the Roth contribution with earnings and place it back in the taxable account it came from initially. I put in $7,500, but with earnings, it will be $8,100 that they taken out.
I will not receive the 1099-R until next year. How will the IRS know I took out the contribution and earnings before the tax deadline so I don't have to pay a penalty of 6%? I know I have to pay taxes on the earnings.
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March 8, 2024
5:33 PM