Can I ask my broker to change my excess contribution into a Roth to show it as 2023 contribution and thereby avoid the penalty for excess contribution? It was $763 over.

315

Expert Alumni

Apr 17, 2023 7:31:28 PM

Yes, you can correct it by designating it to the 2023 tax year- but you have to remember to reduce your 2023 contributions by that amount or you will be over for 2023.

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Can I ask my broker to change my excess contribution into a Roth to show it as 2023 contribution and thereby avoid the penalty for excess contribution? It was $763 over.