Roth IRA Excess Contribution?

Question

I made full contribution ($4000) to my Roth IRA account early last year. Now I found out I over contributed $1200. I need to take this amount plus capital again out. I was supposed to pay tax on the net income. How could I do this through Turbox Tax online?

Thanks,

Answer 1

you could file your taxes, normally, and then file an amendment.

Answer 2

you are able to opt to the contact your Roth IRA administrator to reclaim your more effective contribution. you've till eventually April 17, 2007 to finish that. in case you do not take your more effective contribution out, then you definately might want to be subject to a tax on the surplus contribution.

Answer 3

You have to contact your Roth IRA administrator to reclaim your excess contribution. You have until April 17, 2007 to do so. If you do not take your excess contribution out, then you will be subject to a tax on the excess contribution.

Answer 4

you wouldnt do this through turbo tax online. the contribution does not affect your tax return, since the Roth IRA contribution is not tax-deductible.

you would need to handle this with the broker or bank that holds your Roth IRA account.