According to Stuart O. Bronstein <
spamtrap@lexregia.com>:
Taxpayer (29 years old) made a contribution to a Roth IRA in 2023. In 2024 >he wants to withdraw his 2023 contribution (not earnings) without tax or >penalty.
My understanding is that he can withdraw his current year contribution >without tax or penalty, but for a prior year it would be subject to the
early withdrawal penalty.
In the section in Pub 590-A on excess contributions, it appears to say
that you can reverse contributions until the tax filing deadline,
which for 2023 is this coming April and maybe even October if he gets
an extension. He also has to withdraw any earnings on the
de-contributed amount and, I assume, declare them as taxable income.
See pages 42-43 of Pub 590-A.
--
Regards,
John Levine,
johnl@taugh.com, Primary Perpetrator of "The Internet for Dummies",
Please consider the environment before reading this e-mail.
https://jl.ly
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