Table of Contents 7 - Excess IRA Contributions Overview Definition of an Excess IRA Contribution Excess Traditional IRA Contributions Ineligible Rollover Amounts Treated as Regular IRA Contributions Excess Roth IRA Contributions Definition of an Excess Contribution for all IRAs Unwanted Contribution Certain Revocations Treated as Corrective Distributions Correcting Excess Contributions Correcting Contributions By the Applicable Deadline Applicable IRA Deadline Recharacterization Net Income (or Loss) Attributable (NIA) for Correcting Contributions Definitions For Calculating NIA Calculating NIA In Three Steps Worksheet for Calculating Net Income Attributable Multiple Contributions Corrected by Withdrawal Taxation of Withdrawal Reporting the Withdrawal By the Applicable Deadline Chart: Correcting IRA Contributions By the Applicable Deadline Recharacterized Contributions Recharacterize via Reportable Transfer Net Income (or Loss) Attributable for Recharacterizations Multiple Contributions Corrected by Recharacterization Recharacterizations are Nontaxable Reporting Recharacterized Contributions by IRA Owners Reporting Recharacterized Contributions by IRA Sponsors Recharacterization is Irrevocable Notification of Election to Recharacterize Other Recharacterization Rules October 15 Recharacterization Deadline Late Recharacterizations Possible Late Recharacterization of Tax-Year Contributions Late Recharacterization Denied Quick Reference on Recharacterizations Reporting Issues IRA Digital Reference Manual © PMC