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

[edavis1]

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? 

[macuser_22 · Accepted solution]

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.

[edavis1]

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