Are you confused about the 6% tax penalty for making an excess contribution to an IRA or Roth IRA? Don't worry, in this video, I'll break down the penalty and provide practical guidance to help you avoid paying it. I'll also cover the timing component involved, ensuring that you know exactly when to take action. Plus, I'll provide a helpful example from the IRS Publication 590 to help you better understand the excess contribution penalties.
How to fix excess Roth IRA contributions (step by step)
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IRA Excess Contribution 6% Penalty Explained
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