No. of Recommendations: 0
Pixy's response on the penalties for excess contributions to IRAs is excellent. Being a professional nitpicker, I can't resist pointing out that although there's nothing to stop you from starting multiple IRAs of $2,000 each (and thereby incurring some pretty stiff penalties), you really can't contribute more than $2,000 to a single IRA except in a rollover contribution (unless the IRA trustee is asleep) because one of the specific requirements for an IRA is that the governing instrument prohibits non-rollover contributions in excess of $2,000.

KAT in Chicagoland
http://www.fairmark.com
Tax Guide for Investors
Now with expanded and revised
Roth IRA information
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement