AlexanderS08
Expert Alumni

Retirement tax questions

I recommend you look into a backdoor Roth IRA.

 

It will allow you to convert the excess contribution to a Roth IRA. Also, if you do not take the money out (or do a backdoor Roth) then you will have a penalty on the excess contribution. You can avoid the penalty as long as you address the excess contribution by April 15, 2020. Here is more info on the backdoor Roth process:

 

 Backdoor Roth IRA

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