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

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 ?

posted

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.**

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

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.**

I did not include my charitable contributions on my 2023 refund after I submitted it. How can I make that correction and will it change my taxes owed?

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

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