Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Roth contribution being taxed at 6%

Summit1
Level 5

MFJ couple with no other retirement accounts and both have W-2 income and 1 also has 1120S K-1.

Each contributed to Roth IRA (7000) because of age. Program is charging 6% each for excess contribution. Is this because of MAGI?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Best Answer

Accepted Solutions
Terry53029
Level 14
Level 14
0 Cheers
1 Comment 1
Terry53029
Level 14
Level 14
0 Cheers