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New Member
posted Mar 3, 2022 10:32:12 AM

I have an excess of 1702 in my Roth IRA apparently and now its asking me contribution withdrawn before due of your return? I have no idea what that means.

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2 Replies
Expert Alumni
Mar 3, 2022 10:49:33 AM

You have excess contribution:

  • If you contributed to a Roth when you made too much to qualify.
  • If you contributed more than you're allowed to either IRA

 That contribution is subject to a 6% tax penalty.

 

If that is the case, check the link below for options to remove it:

What happens if I made a Roth IRA contribution but my modified adjusted gross income exceeds the limit?

Level 15
Mar 3, 2022 12:38:24 PM

ask the custodian using the appropriate forms to remove the excess.

You have until April 18th to make it happen to avoid most of the penalties.