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Level 1
posted Oct 30, 2024 2:36:46 PM

how to correct a roth overcontribution

Hello,

My income changed significantly this year due to unexpected overtime and I was unaware of an income limit for roth contributions. I have over-contributed to my Roth IRA and need to withdraw my contributions and correct this. Is there a tax form for this? My bank will not help me - they said I need to hire a tax attorney.

Thank you for your assistance!

0 1 4264
1 Replies
Employee Tax Expert
Oct 30, 2024 2:58:02 PM

Hi lucyam!

If you are speaking of overcontributing for 2024, you can just request a withdrawal for the amount you overcontributed. The bank may be saying you need to consult an attorney because they can't advise you, but they should definitely be able to process a withdrawal.

Here is some additional information that may be helpful - https://ttlc.intuit.com/turbotax-support/en-us/help-article/form-1099-r/happens-made-excess-roth-ira-contribution-modified/L2luVHkyM_US_en_US 

Hope that helps!