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You have a few options if you discover an excess contribution after you file your taxes:. Contact your plan administrator and file an amended tax return. Carry the excess forward to the new tax year. Not the recommended option, but Appleby says some IRA holders intentionally overcontribute.
To help you avoid this problem in the future, know the main culprits for excess IRA contributions:. Automatic contributions are a great way to stay on plan; just make sure they don't add up to more than the overall limit.
You make too much income for a full Roth IRA allowance. Unlike traditional IRAs, Roth IRAs sets income limits as to who qualifies, and contributions are reduced or phased out at higher income levels. Consult a Roth IRA calculator to determine how much you can contribute. Overcontributions to your IRA are a nuisance, but more of a speed bump than a roadblock on your way toward saving for retirement. If you've contributed too much to an IRA, fix it before filing taxes.
Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. The Basics. Know the Rules. Opening an Account. Over the Income Limit. Estate Planning. Avoid Roth Mistakes. Key Takeaways Contributing to a Roth IRA can help you save for retirement but you need to ensure you don't overcontribute. You may have contributed too much to your Roth IRA if your income took an unexpected jump, which can make you ineligible for a full contribution.
You must take action before your tax filing deadline. You can recharacterize, withdraw, or apply your overcontribution to a future year. Article Sources. Investopedia requires writers to use primary sources to support their work.
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