dmertz
Level 15

Retirement tax questions

As with excess contributions made prior to 2023, it's too late to recharacterize or obtain a return of contribution before the due date of the tax return, including extensions, for a 2023 excess contribution.  You'll need to correct that excess contribution by obtaining a regular distribution from the Roth IRA equal to the excess, with no adjustment for earnings.  You'll need to pay the 6% penalty on this excess for 2023 and 2024.

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