IRA Excess Contribution | How To Avoid Taxes & Penalties

Worried about over-contributing to your IRA? I got you covered! Today we are going to go over what an excess contribution is, how to fix an over contribution in order to avoid taxes and penalties, and give you some tips & tricks on how to avoid this error in the future. **please note this is not investment advice, just my opinion & should be used for entertainment purposes only**CONNECT WITH ME:YouTube: https://m.youtube.com/@richgirlsguideThreads: ⁠https://www.threads.net/@richgirlsguidepodcast⁠Instagram: https://www.instagram.com/richgirlsguidepodcast/TikTok: https://www.tiktok.com/@richgirlsguideWant YOUR money question to be answered in an upcoming episode? Submit an anonymous question here: https://richgirlsguidepodcast.com/contact MY EXACT YOUTUBE SETUP (Amazon affiliate links):Canon EOS R6 Camera: https://amzn.to/3tb2dQGSD Memory Card: https://amzn.to/3T9OTXxShure SM7B Microphone: https://amzn.to/3R9Yr2bTeleprompter: https://amzn.to/3NalngDRodecaster Pro: https://amzn.to/46JolzFManfrotto Camera Tripod: https://amzn.to/3Rtm8nzCloudlifter: https://amzn.to/4a2ps04Microphone Stand: https://amzn.to/3sY40bXMic Cable: https://amzn.to/3R52pZRAmaran 100D LED Light: https://amzn.to/3Rqy9tNAputure Lantern Light: https://amzn.to/3GterY6Softbox lighting kits: https://amzn.to/3R8c2XzAmazon Fire Tablet: https://amzn.to/3uLarzB⅛ to ¼ Stereo Cable: https://amzn.to/418kr1LARTICLES MENTIONED:Roth IRA Income Limits: https://www.schwab.com/ira/roth-ira/contribution-limits#:~:text=Roth%20IRA%20contributions%20are%20made%20on%20an%20after%2Dtax%20basis.&text=The%20maximum%20total%20annual%20contribution,re%20age%2050%20or%20older.Penalty on Excess Contributions: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits MY TOP FAVORITE BOOKS ABOUT HABITS & $$$ (Amazon affiliate links)The Power of Habit: https://amzn.to/3GsfEPfAtomic Habits: https://amzn.to/3uHR3U9The Opposite of Spoiled: https://amzn.to/3Ndm5d0You Are A Badass At Making Money: https://amzn.to/413F2V7rich girls guide, women in finance, financial advice podcast, how to budget your money, investing 101, personal finance, financial management, financial planning, money challenge, debt free, payoff debt, caleb hammer, financial feminist, net worth,  retirement planning, financial freedom, 401k,  financial calculator,  personal finance tips, financial literacy, money tips, money management.