qbteachmt
Level 15
07-29-2021
10:51 AM
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You have multiple reporting: 6% penalty, early distribution, income tax on the earnings.
Are you using the web at all, or simply asking everything here?
I like these articles that are not written by the IRS, but you should also be using Pubs 590-A and -B, of course:
https://www.investopedia.com/articles/retirement/04/042804.asp#how-to-fix-an-excess-ira-contribution
https://www.taxact.com/support/1280/2016/ira-or-roth-ira-excess-contributions
Also, all of the investment brokerages provide reference materials: Merril Lynch, Wells Fargo, Schwab, etc.
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