Reply To: Excess Contribution to 2019 Roth IRA

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#7230
Lewis-H
Participant

The IRS imposes a 6% tax penalty on the excess amount for each year it remains in the IRA. … (For 2020, your contributions to a Roth IRA will be limited or ineligible if your MAGI is more than $124,000 ($122,000 for 2019) for singles or $196,000 ($193,000 for 2019) for married couples, filing jointly.)