Excess contributions for Roth IRA

jackkgan — Mon, 10 Mar 2025 01:29:11 GMT

Hi there,

Appreciate your advice for follow up question in my earlier thread,

I had made Roth IRA contributions for 2024 and 2025 without realizing that there is a income limit.

I called Fidelity and submitted the form to return my $7000 contribution made to Roth IRA in Jan 2024 + $801.85 earnings = $7801.85 . (I will do the same after it gets processed to submit request for return of my contributions of $7000 made in Jan 2025 for my 2025 Roth IRA with loss of $86.)

I understand that I have to generate the 1099-R form manually to file my 2024 taxes.

Please confirm if I should now change the following to $0 now as I had entered $7000 earlier. Thank you.

Re: Excess contributions for Roth IRA

MinhT1 — Mon, 10 Mar 2025 12:49:02 GMT

Yes.

You should change the contribution amount to 0 as the $7,000 has been withdrawn before April 15, 2025.

topic Excess contributions for Roth IRA in Retirement tax questions

Excess contributions for Roth IRA

Re: Excess contributions for Roth IRA