AnnetteB6
Expert Alumni

Retirement tax questions

You can recharacterize the excess contribution to a Traditional IRA.  If this is done prior to the tax filing deadline (including extensions), then the 6% penalty will not apply.

 

The following TurboTax help article will give you more information about your options.  It also includes a link to a separate article explaining how to report the recharacterization in TurboTax.

 

What if I made an excess Roth IRA contribution because my income is too high?
 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"