What to do if I overfunded an IRA? Ignore, Withdrawal, Recharacterize

*Comments have been disabled as of 06/06/2025. The SEC mandates that Youtube Comments be automatically archived (like emails) which we don't have a solution for at this time. If you have further questions or wish to set up an engagement, please don't hesitate to reach out on the website. Thanks! In this video we breakdown some of the options that exist for those who overfunded an IRA (aka they put in more than they were permitted to according to the IRS). We cover ignoring the problem (not recommended), withdrawing the excess contribution + the net income attributable, or recharacterizing the contribution (if possible). 00:00 - Intro 01:10 - How to Over-Contribute 02:37 - Courses of Action 04:01 - Option 1 (Do Nothing) 05:18 - Option 2 (Withdrawal) 07:47 - Option 3 (Recharacterize) 11:28 - Calls to Action Vanguard Article - https://investor.vanguard.com/investo... IRS 590-A - https://www.irs.gov/publications/p590a The Street Article - https://www.thestreet.com/financial-a.... What year is NIA taxable? - https://ttlc.intuit.com/community/ret... Form 5329 - https://www.irs.gov/forms-pubs/about-... Form 5498 - https://www.irs.gov/forms-pubs/about-... Form 1099-R - https://www.irs.gov/forms-pubs/about-... #rmds #ira #rothira #financialplanning #wealthmanagement #financialservices #taxes #retirement #retirementplanning #stocks #edmonds #seattle #cfp #tax