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I made excess contributions to both a traditional and Roth IRA.Can I apply the withdrawal to a loan repayment against my IRA without incurring the penalty?

 
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DanaB27
Expert Alumni

I made excess contributions to both a traditional and Roth IRA.Can I apply the withdrawal to a loan repayment against my IRA without incurring the penalty?

No, the earnings from the excess contribution will be taxable and subject to the 10% early withdrawal penalty if withdrawn before December 29, 2022. Please see  What if You Contribute Too Much? and How to treat withdrawn interest or other income for details.

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