IRA contribution can only come form taxable compensation (money that you worked for, usually W-2 income or net self-employed income) and cannot exceed $6,000, or $7,000 if you’re age 50 or older, otherwise it is an excess contribution subject to a yearly 6% penalty until removed.
If you exceeded the limit then you need to have the IRA custodian return the excess with a "return of contribution" distribution that also returns any earnings attributed to the excess.
This assumes that the excess happened in 2019 so it must be removed before the July 15 due date (or October 15 is you file a timely extension prior to July 15).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
