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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.
- Click on "Search" on the top right and type “IRA contributions”
- Click on “Jump to IRA contributions"
- Select “Roth IRA”
- On the "Do you have any Excess Roth Contributions" answer "Yes"
- On the "Enter Excess Contributions" screen enter the total excess contribution from 2022 (if it wasn't carried over).
- On the "How Much Excess to 2023?" screen enter how much you want to apply to 2023.
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March 16, 2024
7:52 AM