How To Remove Excess ROTH IRA Contributions
If you save for retirement in a ROTH IRA (Individual Retirement Account) you may find you have over contributed. It may seem smart saving more, but the IRS imposes a limit along with fees for going over the limit. You owe penalties for each year the account is in excess, which is commonly six percent. Contributions that exceed the limit happen for number of reasons, such as a change in income or forgetting contributions you have already made.