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.

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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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I funded Roth IRA for 2024 and 2025 by mistake. I backed out excess contribution before deadline 2024 so no penalty, but when do i pay tax on resultant income 2024/25?

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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.

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.

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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.

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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.

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