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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.
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.
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