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I know there is a 6% tax on excess contributions to a
Roth 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 the
future - but I don't understand about future taxes on
excess 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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No. of Recommendations: 0
I know there is a 6% tax on excess contributions to a
Roth 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 the
future - but I don't understand about future taxes on
excess 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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IIRC the 6% tax will apply to all years.


Pete
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