is there a penalty if i overcontribute to my ira keogh account?

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is there a penalty if i overcontribute to my ira keogh account?

2007-04-12 06:35:22 · 3 answers · asked by MonsterEnergy 1 in Business & Finance ➔ Taxes ➔ United States

if my self employment income was say $13,000, can i contribute $36,000 to my keogh?

is the limit $44,000?

2007-04-12 06:45:17 · update #1

what if i have registered an s-corporation?

2007-04-12 06:47:59 · update #2

3 answers

Yes, there's a penalty if you over-contribute, and don't withdraw the extra before the filing deadline. And you can't contribute more than the income you made that year, even if that's less than the general contribution limit.

2007-04-12 11:54:34 · answer #1 · answered by Judy 7 · 0⤊ 0⤋

Yes. 50% of the amount of the Over Contribution. Get it fixed ASAP to avoid this...

2007-04-12 06:38:52 · answer #2 · answered by Ken C 6 · 0⤊ 0⤋

nope, no penalty

2007-04-12 06:38:28 · answer #3 · answered by Anonymous · 0⤊ 1⤋