I know there is a 6% tax on excess contributions to aRoth IRA and something about a tax on excess contributions for the previous year (RE: instructions for 1998). I would like to make excess contributions to my Roth IRA now, pay the 6% now and no taxes in thefuture - but I don't understand about future taxes onexcess contributions for previous year is it just the previous years exess or ANY previous years excess? Could you please explain this to me. Thanks.
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