Roth contribution being taxed at 6%

[Summit1]

MFJ couple with no other retirement accounts and both have W-2 income and 1 also has 1120S K-1.

Each contributed to Roth IRA (7000) because of age. Program is charging 6% each for excess contribution. Is this because of MAGI?

[Terry53029 · Accepted solution]

See this link for your answer:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...