Excess Contributiom
A self employed man came to me. For several yrs he’s maxed his 401k personal contribution plus business contribution (I.e. $63,500 this yr with catch up). He then contributed to a non deductible IRA and did a back door Roth contribution.
How does he unwind this?
Permalink Submitted by Alan - IRA critic on Wed, 2020-09-02 17:01
Don’t see any need to unwind any of this. If he has a TIRA pre tax balance then his conversion will be mostly taxable, but you did not mention any such balance.
Permalink Submitted by David Mertz on Wed, 2020-09-02 18:59
Where is there an excess contribution in this? No circumstances were mentioned that suggest that an excess contribution was made.