Overcontribution on Roth IRA - need help to fix

[Charles H.]

Hello all!

So somehow, I didn’t notice my AGI would be above the IRS Roth limit (198,000 AGI) and I had contributed 6000 into my Roth in 2020.

So my tax program is telling me I have to pull 1250$ + any earning made on it. And looks like I’ll be taxed on the earning made.

What strategy would you have in my situation ?

- remove the excess and earning and pay 10% earning ?

- if not, is it possible to make the excess and earning part of 2021 contribution ?

- invest in some sort of tax advantage account before April 15? (I already maxed out my HSA, my wife has some room I think).

Any other idea ??

Thank you all,

Charles