The specific message I get is as follows...
You Have an Excess Roth Contribution
Roth IRAs offer some great benefits, but they have restrictions too.
Part or all of Sinan's contribution to Sinan's Roth IRA isn't allowed due to certain restrictions on Roth IRAs.
Based on the information you've entered so far, these situations apply to you:
Your contribution is over the allowed limit of $5,500 ($6,500 if age 50 or older).
Your modified adjusted gross income, $XXX,XXX, is too high. Learn More
Because your contribution isn't permitted, it's considered an excess contribution of $5,500.
You Currently Have a Penalty
Because Sinan made an excess contribution of $5,500 to Sinan's Roth IRA, Sinan will owe a 6% penalty ($330) each year that excess money remains in the IRA.
But don't worry. You can remove this penalty by taking action before April 18, 2017 (or October 16, 2017, if you're filing an extension). What can I do?
Enter any excess contribution that you withdrew before April 18, 2017 (or October 16, 2017, if you're filing an extension).
Note:
You must pay the penalty every year until the situation is fixed.
Excess Contribution Withdrawn Before Due Date of Your Return
