Can I correct a return of excess contribution which should not have been requested?

Forum|Forum|4 years ago
June 28, 2021
1 reply
0 views

While I was doing my taxes for 2020, I mistakenly thought that I had an excess contribution to my Roth IRA and requested to remove the excess contribution and its earnings from my account. However later I realized that I had never made an excess contribution. Is there anyway to correct this mistake and put the money back to my Roth ?

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macuser_22

Alumni - Champ

No. You cannot make an IRA contribution for 2020 after May 17, 2021 - too late now.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

kehshinAuthor

Level 2

Thanks for the reply. However it is hard to believe that one cannot correct a genuine mistake dealing with Roth IRA.

macuser_22

Alumni - Champ

Sorry, but tax law does not make leeway for your own errors (if you run a willing lottery ticket through the laundry by mistake- to bad - you lose.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**