Withdraw Excess Roth and Then Make Traditional
Hello-
Can someone withdraw an excess Roth contribution (less losses) and then make a Traditional IRA contribution for the full contribution?
For example, $6,000 Roth contribution goes down to $5,000. Withdraw the $5,000 as an excess contribution (income too high for Roth) and then make a $6,000 contribution to the Traditional IRA.
Thank you!
Permalink Submitted by Alan - IRA critic on Wed, 2023-01-04 19:17
Yes. This can also be done even if the Roth contribution was not excess, and taxpayer requests a return of the specific contribution before the extended due date.