how to correct a roth overcontribution

lucyam — Wed, 30 Oct 2024 21:36:46 GMT

Hello,

My income changed significantly this year due to unexpected overtime and I was unaware of an income limit for roth contributions. I have over-contributed to my Roth IRA and need to withdraw my contributions and correct this. Is there a tax form for this? My bank will not help me - they said I need to hire a tax attorney.

Thank you for your assistance!

Re: how to correct a roth overcontribution

Juliane22 — Wed, 30 Oct 2024 21:58:02 GMT

Hi lucyam!

If you are speaking of overcontributing for 2024, you can just request a withdrawal for the amount you overcontributed. The bank may be saying you need to consult an attorney because they can't advise you, but they should definitely be able to process a withdrawal.

Here is some additional information that may be helpful - https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-r/happens-made-excess-roth-ira-contribution-modified/L2luVHkyM_US_en_US

Hope that helps!

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how to correct a roth overcontribution

Re: how to correct a roth overcontribution