- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
‎February 2, 2025
9:18 PM