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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

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LEARN MORE ABOUT: IRA Accounts

CONVERT IRA TO GOLD: Gold IRA Account

CONVERT IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

A Roth IRA is an individual retirement account that allows you to save for retirement on a tax-advantaged basis. It can be a great way to save for your future, but it’s important to understand the rules and regulations associated with it. One of these rules is that you’re limited to a certain amount of contributions each year. If you exceed this limit, you’ll be subject to a 6% excise tax on the excess contribution.

But what happens if you leave the excess contribution in the account? The good news is that the IRS won’t immediately take the excess contributions from you. Instead, you’ll have the opportunity to withdraw the excess contribution and any associated earnings without any penalty. The bad news is that if you don’t withdraw the excess contribution within the required time frame, you’ll be subject to the 6% excise tax on the amount.

In addition to the 6% excise tax, you may also be subject to other penalties. For example, if the excess contribution is not withdrawn by the due date of your tax return (including extensions), the IRS may impose a late contribution penalty. This penalty is equal to 6% of the excess contribution, plus interest, and is calculated from the due date of your tax return.

Finally, it’s important to note that if you leave the excess contribution in the Roth IRA, you won’t be able to deduct it from your taxes. This means that you’ll have to pay taxes on the amount, even if you don’t withdraw it.

It’s important to be aware of the rules and regulations associated with a Roth IRA. If you exceed the contribution limit, it’s best to withdraw the excess contribution as soon as possible to avoid any penalties. However, if you leave the excess contribution in the account, you may be subject to the 6% excise tax, as well as other penalties.