How to Avoid Excess IRA Contribution Penalties

Expert Opinion July 10, 2024 at 02:55 PM
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What You Need To Know

  • The IRS continues to impose penalties until the taxpayer corrects the error.
  • Generally, taxpayers have until the tax filing deadline to remove the excess and report the withdrawal.
  • Situations involving Roth conversions or consolidated accounts can get more complicated.
Robert Bloink and William H. Byrnes
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