r/tax•
Icy_Diet_6361

Minor Roth IRA over-contribution limit

My minor son is an actor. I deposited some of his income from an acting gig into a roth IRA this year. Unfortunately I accidentally selected my other son’s account to pull the money from. So when it funded the account, it was declined due to insufficient funds. I then made the deposit from the correct son’s account not realizing the declined funds would count as a deposit and withdrawal. So now it looks like my son invested double the amount which makes it seem like he contributed more than he earned in income for the year. What do I need to do to fix this?

Posted Dec 3, 2025, 1:51 AM UTC

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