![I contributed to a Roth IRA but I make over the income limit]({"bg": "//theme.zdassets.com/theme_assets/10087603/e106cc8a79a6a41c781c71d999cffaa33b481de7.jpg"})
![I contributed to a Roth IRA but I make over the income limit]({"bg": "//theme.zdassets.com/theme_assets/10087603/d38d9cc5a4fcb160800cb7a8f0e0cb60aaa36d2e.jpg"})
If your adjusted gross income surpasses the qualification for a Roth IRA, the IRS will charge a penalty equal to 6% of the excess amount for each year that you do not correct the error. The penalty is paid when you file your income tax return.
** Please Note: iTrustCapital, Inc. does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.
0
0
Was this article helpful?
0 out of 0 found this helpful
Articles in this section
- Can I contribute to an Inherited IRA?
- What if I over-contributed to my IRA?
- Is my ACH being processed?
- Can I make pretax contributions to my IRA via payroll deduction?
- Can I contribute or transfer crypto from an exchange wallet like Kraken, Gemini, or Coinbase?
- Can I fund my account with an ACH Transfer, Debit Card or Credit Card?
- How much can I contribute per year?
- I contributed to a Roth IRA but I make over the income limit
- How do I make a cash contribution to my IRA?
- Can I add funds through the credit or debit card on file?