As you are likely aware, it can be difficult to predict what your tax situation will be at year-end. The IRS has set rules that allow investment firms to assist consumers with removing excess contributions or moving contributions between IRA types. These are frequently referred to as “Excess Contributions” or “Recharacterizations” and can be corrected.
If you need any assistance with an “Excess Contribution” or a “Recharacterization”, please contact one of our Investment Specialists at 855-525-7634, or chat with us online.
If this occurs, contact SoFi, or other broker-dealer immediately to correct.
For more information on “Excess Contributions” or “Recharacterizations” please visit: Retirement Topics – IRA Contribution Limits