Retirement

withdraw mistaken IRA after tax contributions

I mistakenly had a direct deposit go to my IRA account. This would be an after-tax contribution to an account that otherwise has all pre-tax contributions. Is it possible to remove just this deposit?

Answer:

Yes remove this deposit from your IRA account, you will be over the limit and have to pay a penalty to the IRS.  Talk to your financial advisor as to how to go about doing this.  Keep a detailed record of the money going in and the money coming out.  This needs to be done by year-end


Answer Provided by: Jeanne Adams Jeanne Adams

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