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”. Rest assured this can be corrected.
If this occurs, contact SoFi, or other broker-dealer immediately to correct.
For more information on “Excess Contributions” or “Recharacterizations” please visit: