You must also withdraw the earnings on the excess
contribution and that is taxed as regular income AND has a
10% penalty that is imposed. You have to report that in the
year the excess was made which probably means you have to
file an amended tax return

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"Jason Robertson" <jason6869[at]msn.com> wrote:

- quote -

No, if you remove the excess contribution by the due date
(plus extensions) its as it never happened, and neither the
excess contribution nor the removal will appear on your tax
return. You also have to remove any EARNINGS due to this
contribution, and those will be subject to tax and penalty
in the year of the "contribution". Full details of the
process are discussed in IRS Pub 590 (for the
non-professional).

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"Jason Robertson" <jason6869[at]msn.com> wrote:

- quote -

No.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Short question? Yes
Challenging question? Not very
But, not being a professional, I cannot tackle it. So I won't.

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Do I need to pay 10% additional tax on distribution from a
Roth IRA account if I removed an excess contribution amount
by the tax extension deadlines in a year where the tax
return was due, and the excess contribution was made? I am
below 59 1/2.

Jason

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