Post 70 1/2 Roth Contribution

Met with a prospect who made a Roth contribution in 2013, the year that he turned 70 1/2. I guess the treatment is the same as with over-funding a traditional IRA, meaning that he owes 6% per year on the amount contributed. Assuming that to be true, I suspect he’ll owe tax and penalty on his earnings as well, correct?



Roth contributions can be made regardless of age, but either the taxpayer or spouse must have earned income for the year of contribution, and the modified AGI cannot be too high for a Roth contribution.

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