- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
To correct the $30,500 of excess contributions made prior to 2024, you need to obtain a $30,500 distribution from the $34,000 balance. All $30,500 would be from regular Roth IRA contribution basis. That would leave $3,500 in the Roth IRA. No need to remove that, It appears that all of your contribution basis would then be gone an you would have left only some contribution basis acquired from the Roth 401(k) rollover to the Roth IRA.
I'm not sure why you would want to take out the remaining $3,500.
‎February 13, 2025
2:55 PM