DanaB27
Expert Alumni

Retirement tax questions

The earnings from the excess contribution are taxable on your 2023 tax return and will increase your Modified Adjusted Gross Income (MAGI). Therefore, it is best to remove a little extra when you are in the phaseout range for Roth IRA contributions.

 

To fix the new excess contribution you can request another withdrawal of excess contribution plus earnings and remove a little extra to avoid the issue.

 

Please see What happens if I made an excess Roth IRA contribution for other options.

 

@lemon2 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"