If your modified adjusted gross income (MAGI) exceeds $240,000 in 2024, you are not eligible to contribute to a Roth IRA. Overcontributing results in a 6% excise tax on the excess amount for each year it remains in the account. To avoid this penalty, you must withdraw the excess contributions and any earnings on them before the tax-filing deadline
For more details, you can refer to the IRS guidelines
