MinhT1
Expert Alumni

Investing

Please read this IRS document for more information.

 

Your ability to contribute to a Roth IRA may be reduced or eliminated depending on the MAGI for the whole year.

 

If at th etime of filing your tax return, you find out that you have overcontributed, you should withdraw the excess contribution (plus any earnings thereof) by the due date of your tax return, which this year has been extended to July 15, 2020.

 

If excess contributions have been withdrawn by that date, no further action is needed on your tax return. Any earnings will be taxable in 2020.

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