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Level 1
posted Mar 15, 2025 2:08:02 AM

I accidentally contributed $8000 I am paying taxes on into a pretax IRA. How do I remove those funds

I received a long term disability settlement and contributed $8000 I thought I would be able to deduct from my taxes into a qualified Ira. It turns out I can not deduct the $8000 pretax - how do I remove the $8000 from my IRA

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1 Replies
Expert Alumni
Mar 15, 2025 9:03:34 AM

You will want to contact the IRA and request return of the excess contribution.  If you do so before the due date of your tax return, you will not have to pay the penalty.  See How do I know if I contributed too much to my traditional IRA?