- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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.
‎June 1, 2019
1:40 PM