You'll need to sign in or create an account to connect with an expert.
Are you filing Married Filing Separately? The $10K limit only applied to MFS.
The solution is:
1) File a joint return with your spouse if possible.
2) Request a "return of excess contribution" but the July 15 due date from the IRA trustee to avoid a penalty.
See:
https://www.irs.gov/retirement-plans/roth-iras
Are you filing Married Filing Separately? The $10K limit only applied to MFS.
The solution is:
1) File a joint return with your spouse if possible.
2) Request a "return of excess contribution" but the July 15 due date from the IRA trustee to avoid a penalty.
See:
https://www.irs.gov/retirement-plans/roth-iras
or
3) Ask the IRA custodian to recharacterize the Roth IRA contribution to be a traditional IRA contribution instead, which may or may not be deductible depending on whether you or your spouse is an active participant in a workplace retirement plan.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
helloTT102
New Member
dlj56
New Member
TheWisdom
Level 3
janknepper
Returning Member
Jackdmv5
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.