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Posted on 6/9/13 at 3:06 pm to jimbeam
I'd imagine most brokers won't let you.
It only becomes an issue if you have multiple IRAs at different places or you have a reduced limit.
The penalty is you'll have to pay 6% tax on the excess contribution each year that it is there.
You can correct it in a number of ways (the easiest being simply to withdraw the excess before April 15 thus never having an excess as far as the IRS is concerned), but other than preventing it, the easiest way to correct it is to contribute less than your max in the future.
It only becomes an issue if you have multiple IRAs at different places or you have a reduced limit.
The penalty is you'll have to pay 6% tax on the excess contribution each year that it is there.
You can correct it in a number of ways (the easiest being simply to withdraw the excess before April 15 thus never having an excess as far as the IRS is concerned), but other than preventing it, the easiest way to correct it is to contribute less than your max in the future.
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