ROTH IRA

MR251 — Mon, 21 Apr 2025 12:25:04 GMT

Good morning,

I am under the age of 55 and unfortunately over contributed to my ROTH IRA by 2k. I understand that there is one method of an Excess Contribution form that I can fill out, but is there a way that I can contribute that 2k to the current year?

If excess contribution is the only method, how do I showcase this on my tax forms? I had filed a extension to make sure this subject matter was fixed since I do not have prior experience for this.

Also, to my knowledge if I correct it in a timely manner of the tax season of 2024, would I still have the 6% tax penalty if I do utilize the excess contribution method with Fidelity?

Re: ROTH IRA

AnnetteB6 — Mon, 21 Apr 2025 12:50:34 GMT

You can recharacterize the excess contribution to a Traditional IRA. If this is done prior to the tax filing deadline (including extensions), then the 6% penalty will not apply.

The following TurboTax help article will give you more information about your options. It also includes a link to a separate article explaining how to report the recharacterization in TurboTax.

What if I made an excess Roth IRA contribution because my income is too high?

topic Re: ROTH IRA in Retirement tax questions

ROTH IRA

Re: ROTH IRA