Solved: Excessive Roth contribution

nobodyimportant2425 · Mar 3, 2025 11:04:02 AM

I contributed 7000 in non deductible Roth IRA contributions in 2024 before realizing I was beyond the MAGI, I reached out to Schwab so the best option for me is to withdraw the funds (with a Schwab Form) and also fill out the IRS 5329. How do I calculate the income on the 2024 contribution (and where do I enter this)? I found a fidelity calculator that makes sense but wasn't sure if this was universal: Contributions * ((account value before correction) - (account value before contribution + contributions))/ (account value before contribution + contributions)