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April 4, 2025
Question

Showing that I have a traditional IRA penalty with an excess contribution of $1000. I contributed $8000 because I turn 50 this year so I should be ok?

  • April 4, 2025
  • 1 reply
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    1 reply

    fanfare
    Employee
    April 4, 2025

    If you were to be OK, you would not see a penalty.

    You must turn 50 in the year for which the contribution is made.

     

     

    @secrosley