Roth Ira

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  • DLSINWEST
    Junior Member
    • Jan 2008
    • 14
    #1

    Roth Ira

    I Have A Client With Income Well In Excess Of Roth Ira Contribution Limits The Spouse Keeps Contributing To The Roth What Are The Consiquences. Will The Income Be Taxed Upon Distribution?
    Tags: None
    • KBTS
      Senior Member
      • Nov 2005
      • 564
      #2
      There is a 6% excise tax for each year the excess contributions are left in the Roth. See TTB page 13-10 or IRS Pub 590 page 64 for a discussion of this.

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