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Level 1

What happens if I contributed too much to a Roth IRA?

My son opened a Roth IRA and funded $5,500 but his taxable income is less. What will happen to his taxes? Will he be assessed a penalty or fine? 

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Level 20

What happens if I contributed too much to a Roth IRA?

Not if he requests a "return of contribution" from the IRA custodian before the due date of the tax return (April 15) or extended due date (Oct 15) if a timely extension is filed.

If not removed there will be a 6% penalty on the excess that will repeat every year until removed.

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Level 20

What happens if I contributed too much to a Roth IRA?

Not if he requests a "return of contribution" from the IRA custodian before the due date of the tax return (April 15) or extended due date (Oct 15) if a timely extension is filed.

If not removed there will be a 6% penalty on the excess that will repeat every year until removed.

Level 1

What happens if I contributed too much to a Roth IRA?

Thanks, that is what I had thought but wanted confirmation  that I read the regs properly.