You just discovered that you contributed too much to your Roth IRA, now you have to go through the process of removing those contributions to the account, calculating earnings, and paying taxes and penalties. Depending on when you discover the error you may have a few options available to you and there could also be a tax strategy involved in the process. Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com Visit our website: Subscribe to our channel for more financial planning tips: #rothira #greenbushfinancial... ( read more )
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
A Roth IRA is a type of individual retirement account that allows you to make contributions with after-tax dollars. This means that the money you put into a Roth IRA has already been taxed, but you won't be taxed on it again when you withdraw it
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