jtax
Level 10

Retirement tax questions

You can either undo you contribution (plus earnings I think) or recharacterize your Roth contributions as Traditional IRA contributions.

 

For an article on this see https://www.investopedia.com/what-to-do-if-you-contribute-too-much-to-your-roth-ira-4770686

 

Your IRA custodian/broker should have forms or a webpage that allows you to instruct them to remove excess contributions or recharacterize contributions. This is something they do every day.

 

If this for the current tax year changing should be easy. It appears there are even ways to do this after filing your return (for a certain amount of time). But it should be much easier to get it taken care of before filing and why not in the same TY.

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