1172420
You'll need to sign in or create an account to connect with an expert.
Yes, the excess contribution will be returned to you. Please see this article about Excess Roth IRA Contributions for how to report this in TurboTax.
I don't know of anything prohibiting a return of contribution from being done in-kind, but I don't think any financial institution would do it. The amount distributed must include any gain or loss attributable to the contribution being returned and it would be difficult to comply with that requirement unless the distribution is made in cash.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
march142005
New Member
marisavelasco22
New Member
aarondm2000
New Member
rdemick54
New Member
rpbean
New Member