Hi,
I have recently realised that I have excess contribution of about $2K to my 2023 Roth IRA based on my 2023 MAGI. I still haven’t done my taxes for 2024 and am below the contribution limit for 2024 Roth IRA and am eligible based on MAGI for 2024. I don’t have a traditional IRA but have an employer 401k.
Also most of this amount is in investments so I would have to cash them out and sadly they are mostly in losses.
Could I know what is the best course of action for me to reduce IRS penalties ? Can I rollover my excess contributions to the 2024 Roth IRA and reduce any penalties ?
Thank you!
