You will face a penalty of 6% times your excess contribution to a ROTH IRA. If you contributed $6,500 to a ROTH IRA and your income was $1,000, your excess contribution would be $5,500. You will pay a 6% penalty on that amount every year until you correct the excess contribution, either by removing the funds from the retirement account or by earning enough net income to allow for the excess contribution.
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