ROTH excess removal
I made a 2012 roth ira contribution Jan 2013 for 2012. I found out I made too much money and would like to remove this contribution today. Are the earnings taxable on my 2012 tax return since this was designated for a 2012 contribution or are they taxable on my 2013 since I physically made the conribution IN 2013 and removed the contribution in 2013.
Permalink Submitted by Alan - IRA critic on Fri, 2013-03-08 20:35
On your 2013 return because you made the contribution IN 2013. However, you should still make an explanatory statement with your 2012 return indicating the date and amount of the 2012 contribution and the date and amount of the corrective distribution.