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Retirement tax questions
According to IRS instructions, there's only one way to fix this.
return of excess contribution:
after tax due date including extensions: you distribute the excess amount being carried forward on Form 5329,
(or offset it with currently allowed contribution) .
An amended return will be needed supplying 2022 Form 5329 since there is a 6% penalty per year on excess contributions .
Earnings stay in the Roth account.
March 15, 2024
1:02 PM