While filing my federal tax last night i was told that i made excess $2000 ($5500 instead of $3500)contribution to IRA. I filed my taxes stating that i contributed $3500 . here are couple of question i have
#1 do i have until Oct 15th to withdraw the $2000 to avoid IRS tax penalty ?
#2 What investment should i sell to withdraw the $2000 , what cost basis will be used to calculate capital gains ?
Excess roth IRA contribution
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Re: Excess roth IRA contribution
im assuming you mean you are in a phase out range?
would re characterize the rIRA back to a tIRA and then backdoor the entire thing back to a rIRA.
would re characterize the rIRA back to a tIRA and then backdoor the entire thing back to a rIRA.
Re: Excess roth IRA contribution
don't want to do that as it would lead to additional paper work .
Re: Excess roth IRA contribution
When did you make the last 2,000 of your Roth contribution, in 2017 or 2018?