wsterry writes:I understand I can't do it without a penalty, but the only penalty I seem to be able to find is this 6% excise tax on the excess contribution to the IRA.The documentation for the state college savings plan (NY) indicates that if you do both, then you pay the 6% on the Ed IRA.I reply:That 6% excise tax is assessed every year until the excess contributions are removed. In addition, my guess is that when the IRS eventually catches up with the excess contributions, it'll be able to deem all of them unauthorized and force you to withdraw them, with the usual penalties.As for the state documentation, I'll have to defer to one of the people who knows what he/she's talking about. --Bob
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