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