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Level 2
posted Jun 1, 2019 1:26:33 PM

I just contributed to my Vanguard Roth this afternoon, and I contributed $320 to much... what do I do?

I am not eligible to contribution to a traditional IRA.

0 6 578
6 Replies
Level 15
Jun 1, 2019 1:26:34 PM

you'll have to contact Vanguard and tell them you want a return of excess contribution and the earnings on it. They'll tell you what form to submit.

Level 2
Jun 1, 2019 1:26:36 PM

Thanks

Level 15
Jun 1, 2019 1:26:37 PM

If you do it promptly your earnings may be zero.

New Member
Jun 1, 2019 1:26:38 PM

This contribution will not affect your 2018 taxes as it has been done in 2019.

Level 2
Jun 1, 2019 1:26:39 PM

Vanguard breaks out the contributions by year... the website says I have no more to contribute for 2018 ans $7000 to contribute for 2019...  does the IRS get notified what year a contribution is for?

New Member
Jun 1, 2019 1:26:40 PM

You will be sent IRA information from Vanguard to enter for your taxes each year. Please see the IRS website regarding IRA contributions - <a rel="nofollow" target="_blank" href="https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions">https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-contributions</a>.