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I have an excess of 1702 in my Roth IRA apparently and now its asking me contribution withdrawn before due of your return?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
MayaD
Expert Alumni

I have an excess of 1702 in my Roth IRA apparently and now its asking me contribution withdrawn before due of your return?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.

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 lim...

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I have an excess of 1702 in my Roth IRA apparently and now its asking me contribution withdrawn before due of your return?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.

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.

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