Traditional IRA » ira contribution

Rollover Excess IRA Contribution

admin — Sun, 02 Aug 2009 22:28:11 +0000

Can an Excess IRA Contribution in one year be used to fund a future year’s contribution? In another word, can Excess IRA Contribution be an IRA rollover as the next year’s IRA contribution? To the extent that excess IRA contributions are not removed, the individual can treat any remaining excess IRA contributions from a prior year as [...]

Rollover Excess IRA Contribution is a post from: Traditional IRA

Tax on Excess IRA Contribution

admin — Tue, 28 Jul 2009 20:18:23 +0000

What is the IRA tax on the withdrawn Excess IRA Contribution? A. IRA Tax on Excess IRA Contribution withdrawn before the deadline: The Excess IRA Contribution withdrawn before the deadline will not be included in income provided that no deduction was taken for the IRA contribution and any positive income on the Excess IRA Contribution is also [...]

Tax on Excess IRA Contribution is a post from: Traditional IRA

Excess IRA Contribution

admin — Sun, 26 Oct 2008 17:05:49 +0000

What is an excess IRA contribution? Generally, an excess IRA contribution is an IRA contribution that is more than the lesser of: Taxable Compensation for the year, or For 2006: $4,000 ($5000 if 50 and older). What is the deadline to remove an excess IRA contribution? The deadline to remove an excess IRA contribution to avoid the 6% excise penalty [...]

Excess IRA Contribution is a post from: Traditional IRA