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if there is an excess Roth contribution for 2019 but in two roth accounts, does removing the total excess in one account satisfy the withdrawal of the excess

 
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1 Reply
DanaB27
Expert Alumni

if there is an excess Roth contribution for 2019 but in two roth accounts, does removing the total excess in one account satisfy the withdrawal of the excess

Yes, you avoid the penalty as long as you 

  • withdraw the excess contributions from your IRA by the due date of your individual income tax return (including extensions); and
  • withdraw any income earned on the excess contribution

If you have more than one account then you can choose where to withdraw the excess amount.

 

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