topic I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" link that does not work. Where can I find this information? in Retirement tax questions

I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" link that does not work. Where can I find this information?

frozeneden — Mon, 23 Feb 2026 10:59:27 GMT

Re: I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" link that does not work. Where can I find this information?

Opus 17 — Mon, 09 Jan 2023 20:20:36 GMT

Did you enter your income yet? You can only make IRA contributions up to the amount of your compensation for working (wages or self-employment income). So the program will list an error if you enter your IRA contributions before you enter your income. Ignore the message, it will go away once you enter your income.

Re: I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" l...

MayaD — Mon, 09 Jan 2023 20:22:40 GMT

To avoid paying the 6% penalty you can:

Withdraw the excess contribution plus earnings: Keep in mind that the earnings are included in your taxable income for the year the excess contribution was made, so you’ll still receive a 1099-R to report these earnings on your tax return
Recharacterize the Roth IRA contribution as a traditional IRA contribution: Contact your plan administrator for guidance on this process.

For more information please check :

topic I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" link that does not work. Where can I find this information? in Retirement tax questions

I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" link that does not work. Where can I find this information?

Re: I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" link that does not work. Where can I find this information?

Re: I am owing a penalty for an excess contribution to my Roth IRA. There is a "What can I do?" l...

What happens if I made an excess Roth IRA contribution

irs.gov