Dave C11
New Member

Excess contributions Roth IRA exceed account balance over multiple years

I contributed excess contributions $6580 in 2021 tax year and have been paying penalty without realizing it until 2024. I like to correct it so I don’t continue paying the penalty on 2023 taxes before April 15,2024. However, my Roth IRA account balance doesn’t have sufficient funds to cover the $6580 anymore. I went ahead and requested my broker the $6580 withdraw request form but they will only be able to withdraw the remaining balance. How do I clear this on my tax forms when 1099-R won’t reflect the $6580 excess contributions from 2021 year. Thanks