Excess IRA contribution

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  • Questionguy101
    Senior Member
    • Jan 2007
    • 423
    #1

    Excess IRA contribution

    Taxpayer made an excess contribution of $500 to his IRA in 2008. He has already paid 6% penalty on the $500 excess contribution in 2008.

    But then he forgot to withdraw the $500 in 2009. So does he have to pay the 6% penalty again in 2009?
    Tags: None
    • Gretel
      Senior Member
      • Jun 2005
      • 4008
      #2
      He sure does until it is withdrawn or applied to a different year. Did he max his contribution for 2009?

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