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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 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?
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?
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victortax5657
Level 2
06-22-2021
06:14 PM
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1 Comment 1
qbteachmt
Level 15
06-23-2021
10:58 AM
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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 For instance, it can be withdrawn; or, if contributed in 2021 for tax year 2020, then apply the overage to 2021, assuming they will qualify to contribute in 2021.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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