Did you over fund?

Each year we are allowed to put up to $5500 a year total into an IRA or Roth ($6500 if you are 50 or over).  This is total for both traditional and Roth IRA-not each!

Did you put more into your account?  If so, you made an excess contribution.  If you leave the excess in the account you will face a 6% penalty each year it is left in the account.

You can fix this by removing the excess contribution within 6 months of the tax date (April 15).

Did you over fund?
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