Help with Excess Roth IRA Contribution

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calibrationx
Posts: 2
Joined: Tue Oct 09, 2018 11:15 pm

Help with Excess Roth IRA Contribution

Post by calibrationx » Tue Oct 09, 2018 11:18 pm

For the 2018 tax year I contributed $2500 to my Vanguard Roth IRA before I realized that my MAGI would be over the limit.

Stupidly, because I didn't know at the time, I just withdrew the $2500 and didn't use the s373 form (excess contribution form). Vanguard says I am past the time limit to recharacterize.

I also have $3000 in a traditional IRA that I plan to backdoor roth once I fix this.

Once I submit the s373 am I good to go? Am I able to recontribute that $2500 back?

Thanks for the help!

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FiveK
Posts: 5846
Joined: Sun Mar 16, 2014 2:43 pm

Re: Help with Excess Roth IRA Contribution

Post by FiveK » Wed Oct 10, 2018 10:30 am

If you made the $2500 contribution in 2018 you are not past the time limit to do a recharacterization. Perhaps the 2018 is a typo or someone at Vanguard gave incorrect information...?

calibrationx
Posts: 2
Joined: Tue Oct 09, 2018 11:15 pm

Re: Help with Excess Roth IRA Contribution

Post by calibrationx » Wed Oct 10, 2018 4:49 pm

Thanks - I think that's the case. So it looks like I can recharacterize the $2500 into my Trad IRA and backdoor roth IRA.

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