Re-Characterization & Excess Contributions

[PRMUSTACHE]

Hey Guys!

First time posting here! I have a few questions regarding my IRA's. I made an excess contribution for 2015. As long as I take out the excess plus earnings before April 15th, will I be okay? In addition, I forgot to add a re-characterization from a ROTH IRA to a traditional IRA in my 2015 tax returns. What are the steps to fix this.

P.S. I had an earnings loss during this re-characterization if that matters.

Thanks!

[zephyr911]

Hey Guys!

First time posting here! I have a few questions regarding my IRA's. I made an excess contribution for 2015. As long as I take out the excess plus earnings before April 15th, will I be okay? In addition, I forgot to add a re-characterization from a ROTH IRA to a traditional IRA in my 2015 tax returns. What are the steps to fix this.

P.S. I had an earnings loss during this re-characterization if that matters.

Thanks!

You need to file a Form 1040X (amendment) to provide the IRS with the correct information. The instructions will tell you how to calculate your new refund or amount owed.