REMOVE IRA CONTRIBUTION WITHOUT FILING EXTENSION

[Hawkpilot]

Contributed excess to Roth IRA for 2022. I have not filed my (Married Jointly) 2023 Form1040. Due to a refund calculated on TT Premium, I did not file a 4868. Can I remove a partial amount of my 2023 Roth Ira contribution before October 15 in order to carry forward excess from 2022 to 2023?

[dmertz · Accepted solution]

If you did not file your 2023 tax return or request a filing extension by April 15, 2024, the deadline to remove any of your 2023 Roth IRA contribution was April 15, 2024.  Because that deadline has passed, your 2022 excess is again subject to penalty on your 2023 tax return.

To avoid the possibility of not being able to apply the 2022 excess as part of a 2024 Roth IRA contribution, you can simply obtain a regular distribution in 2024 of an amount equal to the excess with no adjustment for investment gain or loss.  Once you know for certain your Roth IRA contribution limit for 2024, you can then make your 2024 Roth IRA contribution.  However, if you are certain that you'll be able to apply the excess as part of your 2024 Roth IRA contribution, you can just leave the excess in and do that.