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

What if I over-contributed to my IRA?

Daniel Bennett Daniel Bennett

The maximum annual cash contribution limit for both Traditional and Roth IRAs is $6,000 if you are under the age of 50 and $7,000 if you are over 50. Contribution limits for SEP IRAs differ; 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, your contributions will be collective.

Guidelines for IRA contribution limits can be found here.

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.

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