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Showing that I have a traditional IRA penalty with an excess contribution of $1000. I contributed $8000 because I turn 50 this year so I should be ok?

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Showing that I have a traditional IRA penalty with an excess contribution of $1000. I contributed $8000 because I turn 50 this year so I should be ok?

If you were to be OK, you would not see a penalty.

You must turn 50 in the year for which the contribution is made.

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