{ "media_type": "text", "post_content": "Do I need to do anything if In my ira from ibm has 400 dollars more put in for the year than the 5500 ? Assumed ibm had a trigger for not letting it get overfunded. Are there penalties to face ?", "post_id": "5c268e5e0d4c6b001399b031", "reply_count": 9, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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Do I need to do anything if In my ira from ibm has 400 dollars more put in for the year than the 5500 ? Assumed ibm had a trigger for not letting it get overfunded. Are there penalties to face ?

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IBM administers IRAs? That seems weird. Can we get more detail here? Are you sure you’re not referring to 401k?

It’s through fidelity but comes direct from my paycheck . It’s my Roth account and I know the limit is 5500 but after this next check, it looks like I’ll have put in 5900 for the year

Not sure if there are any changes with the new tax changes, but generally you will have to pay a 6% penalty on the excess contributions

Ohhhh I see. Can’t you withdraw down to the limit before filing? Someone here probably knows but I thought that was a thing.

Call Fidelity, happened to me once and Vanguard took care of the paperwork. Had to withdraw the excess, can’t remember it there was a penalty

Will give that a shot, thanks !

D1- could they move it to my traditional 401k?

AFAIK IBM doesn’t manage contributions to Roth IRAs. The Roth 401k that you can contribute to from your IBM paycheck has a combined contribution limit with your traditional 401k of $18.5k and IBM will automatically stop deductions from your paycheck when you hit that limit

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