I've contributed too much in my retirement account 2022, what can I do before filing?

[monet2physics]

The limit is $6000, and I've exceeded it by $1258 with traditional IRA and I also have some in Roth IRA as well, is the $6000 amount the combination of both traditional and Roth IRA?

[KrisD15]

Yes, the limit is a combination of both types of IRS accounts. 

You will need to remove the excess contribution AND any earnings from that over contribution by the due date of your return. This includes extensions. 

Since the excess contribution was made in 2022, the earnings must be reported on your 2022 return even if those earnings are received by you in 2023. 

IRS Link 

[monet2physics]

Thanks for the response, could you also clarify if the total contribution amount should be counted from 1/1/2022 to 12/31/2022?

[KrisD15]

It counts for what you designated to 2022. 

For example, contributions could have been made January through tax day 2022 and designated to 2021 or 2022. 

When you make a contribution during this period, you tell the bank or account trustee which year you want the contribution assigned to. 

Once that contribution is assigned to a year, you can't change it.