What if I over-contributed to my IRA? What if I over-contributed to my IRA?

What if I over-contributed to my IRA?

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The maximum annual cash contribution limit for both Traditional and Roth IRAs for 2022 is $6,000 if you are under the age of 50 and $7,000 if you are age 50 or over. Contribution limits for SEP IRAs differ. For 2022, you can contribute up to $61,000, or roughly 25% of your adjusted gross income per year. It is recommended to speak with your tax advisor on your SEP IRA contribution limits. Please keep in mind if you hold more than one IRA, the contribution limits apply to your total collective contributions.

IRS guidelines for IRA contribution limits can be found at Retirement Topics - IRA Contribution Limits | Internal Revenue Service (Roth and Traditional IRAs) and Retirement Plans FAQs regarding SEPs | Internal Revenue Service (SEP IRAs).

If you believe you have over contributed to your IRA, please speak with your CPA or tax professional before submitting a request. If you would like to proceed, submit a request under "Account Funding" and "Cash Contribution. Then provide the required information to complete the request.