Is an excess Roth IRA contribution taxable when withdrawing it after the tax filing deadline with extension?
I contributed $6000 to a Roth IRA in 2006, which caused an excess of $2000. It is now after the tax-filing deadline with extension. I know that there is a 6% excise tax penalty already. My question is: Are there any taxes if I withdraw the $2000? And would the early distribution penalty 10% apply since I am under 59 1/2?
What’s the tax treatment for after-tax contribution and earnings in a 401K plan re-directed to an IRA rollover
Can the after-tax earnings rolled over to an IRA with tax-deferral or transferred to a regular brokerage account? If to a brokerage account what’s the tax treatment, ordinary tax or capital gains? Any other thoughts?
Can I deduct loss from excess contribution on Roth IRA?
I just found out that I have excess contributions on my 2008 Roth IRA. My options are either withdraw those excess contributions or roll over to traditional IRA to avoid the 6% penalty. The thing is that my current investment values are much lower than the contribution amounts. So, let’s say I decide to make withdrawal instead of roll-over, do I withdraw the contribution amounts or the current value attributing to the decline in values?