What happens if you over contribute to a ROTH IRA?
How to fix an Excess Contribution and avoid taxes and penalties 6%…(read more)
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Annoys me that she says IIIRRRAAA. LOL
I can't thank you enough for the clear and concise explanation. I've been reading about this subject all morning and never could get the exact blueprint of what I need to do and how to do it. This video helped solve my issue and put my mind to rest. Thank you.
In late 2018 I contributed $5500 to my Roth IRA, however, my 2018 tax filings show an AGI (Line 6/7) that is above the $135k limit for single HOH. When contacting the investment firm in order to transfer this "excess contribution" amount back out of the account.. will there be any IRS forms filed, either by them or by me? When does the IRS apply the penalty for this year?
your video has been the most clear explaination of any of the videos i have seen so far on excess contributions. I have a side question on this topic of contributing to an Roth Ira. If person receives only VA compensation benefits and SSD (aka SSDI0) benefits. and their total cinome from thses sources of income is less than 50k. Can you put aside the 5500 of this money to fund a Roth IRA?
How do you know if you have excess roth contributions ? Will they show up on your 1099 form ? Or do you have to ask your financial advisor.
Great video! I corrected my excessive contributions for 2016 & 2017 on August 2017, but I filed my 2016 taxes before April (without that extension.) Did I make the deadline or do I still have that 6% penalty on contributions + earnings from 2016? Do I do this by filing a 5329 form via mail with a check?
Those bloody Fees ! And Penalties -_-