Greetings, Marcie4re, and welcome. You asked:<<Can someone please explain to me what consequences there might be for over-funding a SEP-IRA? I want to contribute to my SEP-IRA, and I want to start the contribution for the 2000 tax year early (so I can start earning as early as possible). What penalties or other consequences are there when someone "over-funds" their SEP? I've never heard the answer to this, only that it's not a good thing. Can someone please explain?>>You will find the explanation in Chapter 4 of IRS Publication 590 (Individual Retirement Arrangements) available for download at http://www.irs.ustreas.gov/prod/forms_pubs/index.html. Basically, you will be penalized 6% of the excess contribution each and every year that excess remains in the SEP-IRA. Regards..Pixy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra