Overcontributed to Roth IRA

Forum|Forum|2 years ago
March 6, 2024
1 reply
3 views

I'm not sure but I think my AGI will be too high in 2023 to have allowed me to contribute to my Roth IRA. I stopped contributing back in Feb. 2023 because I thought this may be the case. What do I do about the two months I had already contributed?

Ask the Experts - MetLife III - Mar 2024

DianeW777

Level 15

It depends. If you find you did contribute when your income was too high you must make a withdrawal/distribution now. Any earnings will be taxable in 2024 and it's possible to have the penalty waived with Form 5329. You will be issued a 1099-R in 2024.

The IRS chart for income thresholds will help you figure out what you can contribute for 2023 and 2024.

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