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Sorry if this has been covered before. What happens if you exceed the maximum contribution allowed in a given year? Statistically, most people that can come close the maximum contribution will not hit it exactly. They might be able to conribute $11,985 or $12,065 but cannot hit $12,000 exactly. What if a person contributes more than $12000 (2003 year) ? Will there be a penalty? Or is the difference refunded?
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