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Level 2
posted Jun 4, 2019 3:33:53 PM

I contributed an excess amount to a Roth IRA this year (unknowingly) and do not want to pay the penalty. What do you recommend?

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1 Replies
Expert Alumni
Jun 4, 2019 3:33:54 PM

Contact your bank to withdraw the excess contribution plus earnings by the due date.

From the Publication 590-A:

To avoid the excess contributions tax:

  • withdraw the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
  • withdraw any income earned on the excess contribution.