BenefitsLink Message Boards > What is the penalty for contributing too much to a Roth IRA

Bobclp

Jul 13 2001, 02:27 PM

Client opened 2 different Roth IRAs and put $2,000 in each. Is there a penalty? What does he need to do?

BPickerCPA

Jul 13 2001, 05:17 PM

The penalty is 6% of the excess, if not removed by 10/15 of the following year.

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