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Author: Donnalp Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Tax on excess contributions to Roth IRA Date: 12/10/1999 2:02 PM
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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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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 22847 of 121061
Subject: Re: Tax on excess contributions to Roth IRA Date: 12/10/1999 9:08 PM
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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
===============

IIRC the 6% tax will apply to all years.


Pete

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