Is there a maximum amount one can contribute to one's Roth IRA? After I paid off a bill, I increased my monthly contribution. Now there is a .06% penalty for excess contributions. Worksheet 2018 and Form 5329 do not fully explain.
Yes, for tax year 2018 Roth IRA contributions are limited to $5,500. This limit is shared between your Roth IRA and any regular IRA you contributed to. There may be additional limitations depending on your modified adjusted gross income.