Timothy Sumer

In this video, we go over the steps to correct excess contributions made to a Roth IRA. We stress the importance of differentiating between traditional and Roth IRAs since the appropriate fixes depend on the type of IRA and when the contributions were made. We detail the four different methods of rectifying excess contributions to a Roth IRA, which include corrective distribution, recharacterization, ordinary distribution, and absorption. We clarify that although there is a six percent penalty for excess contributions, it only applies to the excess amount, not the total balance. It is highly advantageous to identify excess contributions early to avoid penalties and simplify the correction process. If you need help fixing excess contributions to a Roth IRA, this video provides a comprehensive guide to assist you. ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon:

In this video, I'm talking about 4 excess Roth IRA contribution mistakes to avoid. Depending on when you fix it and which method you should you can change your taxes and potential penalties. ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: Get IRS FORM W4 TAX WITHHOLDING HELP HERE ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and caree