Is there any way to fix this mistake without paying fines etc ?
Thanks
2007-03-08 07:04:50 · 3 answers · asked by ArcticOwl 1 in Business & Finance ➔ Personal Finance
You can withdraw the excess contributions without tax or penalty if you do so by April 17, 2007.
2007-03-08 07:10:47 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
It's no big deal if you overcontribute--you won't have to pay any penalties. And good for you for saving that money at all!
You just can't take the tax deduction on the extra contribution. Just call your IRA company and ask them what you should do.
2007-03-08 15:18:21 · answer #2 · answered by lizzgeorge 4 · 1⤊ 1⤋
Very important, you must also take out the earnings that the extra 5000 made, if it did. Think about it ...we would all be doing this if we could take it out and not pay taxes on the growth.
2007-03-08 16:21:48 · answer #3 · answered by Bamzor 4 · 0⤊ 0⤋