#ExcessContribution #Taxes #RothIRA #PersonalFinance #IRA #IRS #FinancialEducation #retirementplanning

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Celestial Wealth Management, LLC is registered as an investment adviser in the State of Maryland and Texas.

Neither the information nor any opinion constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instruments.

This video is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person.

Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment and planning strategies discussed in this video and should understand that statements regarding future prospects may not be realized.

Nothing provided here constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments.

Investments in securities entail risk and are not suitable for all investors. This is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction. All investment strategies have the potential for profit or loss….(read more)

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Are you looking for a quick and easy way to remove excess contributions from your Roth IRA account? Here’s the breakdown in just 50 seconds.

First, determine the excess contribution amount by subtracting the annual contribution limit from the amount you contributed.

Next, withdraw the excess amount, plus any earnings on that amount, before the tax filing deadline for the current year.

Finally, report the withdrawal and earnings on your tax return for the year in which the excess contribution was made.

And that’s it! By following these steps, you can remove excess contributions from your Roth IRA account and avoid any penalties or taxes.