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Over contributed in my IRA?

What happens if you put more money in your IRA than you make?

You get that money out of there as quickly as possible.

1. Any earnings associated with the over contribution must come out as well and are both taxed as income and get a 10% penalty.

2. If you don't get the money out by 10/15 of the following year, you OWE a 6% penalty for every year you overfund it.

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