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Greetings, FortWayneFool, and welcome. You wrote:

I have a question that, on the surface, might sound a little shady. So just let me say up front that I'm an honest guy and ultimately, I'll do the right thing!

On to my question:

I've set up a Roth IRA for both my wife and for myself. Typically, our incomes fall within the AGI to qualify for a Roth IRA. However, this year, I liquidated some stock to purchase our first home. Doing so pushed my AGI over the Roth IRA limit. Prior to all this, I had already made my Year 2000 contribution to my Roth.

So my "shady" question is this: Who's gonna know? The IRS knows nothing of my Roth IRA.


Au contraire, mon ami. Your IRA custodian will report any and all IRA contributions to the IRS each year on Form 5498. If you make an excess contribution to your Roth IRA, the IRS will know it and will assess the penalty of 6% per annum each and every year until the excess is removed.

Regards..Pixy
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