Overcontributed to Roth IRA

[applejackducks]

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?

[DianeW777]

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.

• Income thresholds for Roth IRA Contributions for 2023
• Income thresholds for Roth IRA Contributions for 2024