DanaB27
Expert Alumni

Retirement tax questions

Yes, if you can make a Roth IRA contribution for 2023 then you can apply the excess to 2023 and resolve the excess contribution. Then you do not need to pay the 6% penalty for 2023 and you do not need request a distribution of the excess.

 

  1. Click on "Search" on the top right and type “IRA contributions”
  2. Click on “Jump to IRA contributions"
  3. Select “Roth IRA
  4. On the "Do you have any Excess Roth Contributions" answer "Yes"
  5. On the "Enter Excess Contributions" screen enter the total excess contribution from 2022 (if it wasn't carried over).
  6. On the "How Much Excess to 2023?" screen enter how much you want to apply to 2023.

 

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