Eric0
New Member

Retirement tax questions

A 6% excise tax applies to any excess contribution to a Roth IRA. It would appear your $1,150 is excess, as 6% of $1,150 results in the $69 penalty.

If your modified adjusted gross income is above a certain amount, your contribution limit is gradually reduced. 

https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that...

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