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LEARN MORE ABOUT: IRA Accounts

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If you’re like many Americans, you may have made excess Roth IRA contributions in the past. While this can be a great way to save for retirement, it can also lead to some confusion when it comes to calculating your earnings on these contributions. Fortunately, there are some easy steps you can take to ensure you’re accurately calculating your earnings on excess Roth IRA contributions.

First, you’ll need to determine how much you’ve contributed in excess of the annual limit. The annual limit for Roth IRA contributions is $6,000 for the 2021 tax year. If you’ve contributed more than $6,000, you’ll need to calculate the excess amount.

Once you’ve determined the excess amount, you’ll need to calculate the earnings on those contributions. This is done by taking the total amount of excess contributions and multiplying it by the current rate of return on your investments. For example, if you’ve contributed $7,000 in excess of the annual limit and your investments are currently earning a 5% rate of return, you’ll need to multiply $7,000 by 0.05 to get your total earnings on the excess contributions.

Finally, you’ll need to add the earnings on the excess contributions to your total Roth IRA contributions for the year. This will give you an accurate picture of your total Roth IRA contributions for the year, including the earnings on your excess contributions.

By following these steps, you can easily calculate your earnings on excess Roth IRA contributions. With this information, you can make sure that you’re accurately reporting your contributions and earnings on your taxes.