Correct 2025 IRA-Related Errors By October 15

The October 15 deadline for fixing certain mistakes related to IRAs for the 2025 tax year is right around the corner. Taxpayers who contributed too much to their IRAs or Roth IRAs for 2025 must remove excess contributions (plus any net income or loss) by October 15 to avoid the 6% penalty on excess IRA contributions. Taxpayers can also modify their IRA or Roth IRA contributions by October 15 without penalty even though taxpayers are no longer entitled to "recharacterize" Roth conversions (for example, taxpayers who contributed to Roth IRAs can change their mind and move the funds to a traditional IRA). Taxpayers who made nondeductible IRA contributions for 2025 and no longer wish to keep their nondeductible IRA contributions in the IRA wrapper also have until October 15 to fix the mistake. For more information on the tax treatment of nondeductible IRA contributions, visit Tax Facts Online. Read More: Link to Q3672.