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#1
09-03-2008, 06:52 PM
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 Re: Overfunding a non-deductible Traditional IRA thehed wrote: - quote - > What happens if I overfund my non-deductable taditional IRA? > I have two separate accounts (one with Fidelity and one with a stand > alone mutual fund company). Looking back on paperwork I see I > selected the stand alone fund as an IRA. I funded this account with > $2500. A couple months later I set up the Fidelity account, with an > initial funding of $2500, then set up monthly transfers of $200 per > month. So I have exceed my $5000 limit by $400 so far. > What are the implications of this? Will I have to take out extra > money and pay taxes? See pages 49 thru 52 in IRS Pub 590, Excess Contributions. http://www.irs.gov/pub/irs-pdf/p590.pdf -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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09-03-2008, 05:45 PM
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| Re: Overfunding a non-deductible Traditional IRA <eric.hipp[at]gmail.com> wrote: - quote - > So I have exceed my $5000 limit by $400 so far.
If this is happening during the current tax year (2008) you> What are the implications of this? Will I have to take out extra > money and pay taxes? may be able to go to the financial institution and un-do the erroneous transactions. I have known of cases where this approach has worked, and there were no problems downstream. The sooner it is corrected the better. Steve -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
09-03-2008, 05:23 PM
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| Overfunding a non-deductible Traditional IRA What happens if I overfund my non-deductable taditional IRA? I have two separate accounts (one with Fidelity and one with a stand alone mutual fund company). Looking back on paperwork I see I selected the stand alone fund as an IRA. I funded this account with $2500. A couple months later I set up the Fidelity account, with an initial funding of $2500, then set up monthly transfers of $200 per month. So I have exceed my $5000 limit by $400 so far. What are the implications of this? Will I have to take out extra money and pay taxes? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| ira, nondeductible, overfunding, traditional |
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