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victortax5657
Level 2
June 22, 2021
Question

How do I correct excess Roth contribution made for 2020 in the 2020 return? FYI, extension was timely filed. How can I avoid paying the 6% penalty?

  • June 22, 2021
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1 reply

qbteachmt
qbteachmt
Level 15
June 23, 2021

The taxpayer decides how they want to deal with it and it also depends on when the contribution was made. For instance, it can be withdrawn; or, if contributed in 2021 for tax year 2020, then apply the overage to 2021, assuming they will qualify to contribute in 2021.

Search the web, as all the investment brokerages maintain "how to fix excess contribution" instructions. I also like investopedia guidance:

https://www.investopedia.com/articles/retirement/04/042804.asp

And use the IRS resources such as tax topics and pubs:

https://www.irs.gov/publications/p590a

 

 

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