qbteachmt
Level 15
04-03-2022
03:45 PM
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You can read the publications from the IRS, and/or use consumer resources, such as google this:
roth ira excess contribution removal
Removal before the due date of the return is how you avoid penalties; it's as if that never happened. That isn't going to avoid tax on earnings when earnings were made on the excess. And you might be thinking of how you can designate excess contribution as applicable to the upcoming (current) tax year, but earnings are not contributions; you cannot withdraw excess contribution and leave earnings as if they are the contribution.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.