Truth 23 Excess contributions to a Roth IRA
Mae West used to say that too much of a good thing can be wonderful, but if you have made an excess contribution to a Roth IRA for which you did not qualify, it can create problems for you. Fortunately, this is one of the few places where the IRS readily permits you to have a mulligan, a do-over.
For you to make the maximum contribution to a Roth IRA in 2009, the IRS requires you to have at least $5,000 (or $6,000 if you are 50 years old or older) of earned income. That generally does not present much of a problem to anyone wishing to contribute to a Roth IRA. If you determine that you have sufficient income to qualify to contribute to a Roth IRA, the next step is to determine how much ...
Get The Truth About Protecting Your IRAs and 401(k)s now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
