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March 10, 2025
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Excess contributions for Roth IRA

  • March 10, 2025
  • 1 reply
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Hi there,

Appreciate your advice for follow up question in my earlier thread,

 

I had made Roth IRA contributions for 2024 and 2025 without realizing that there is a income limit.

 

I called Fidelity and submitted the form to return my $7000 contribution made to Roth IRA in Jan 2024 + $801.85 earnings = $7801.85 . (I will do the same after it gets processed to submit request for return of my contributions of $7000 made in Jan 2025 for my 2025 Roth IRA with loss of $86.)

 

I understand that I have to generate the 1099-R form manually to file my 2024 taxes.

 

Please confirm if I should now change the following to $0 now as I had entered $7000 earlier. Thank you.

Roth IRA contribution screen shot.png
 

 

 

 

 

    Best answer by MinhT1

    Yes.

     

    You should change the contribution amount to 0 as the $7,000 has been withdrawn before April 15, 2025.

    1 reply

    MinhT1Answer
    March 10, 2025

    Yes.

     

    You should change the contribution amount to 0 as the $7,000 has been withdrawn before April 15, 2025.

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