I contributed to a Roth IRA but I make over the income limit I contributed to a Roth IRA but I make over the income limit

I contributed to a Roth IRA but I make over the income limit

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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 check out our Cash Contribution FAQs for more information. 

 

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