IRA tax question

[JDgator]

What happens if you made IRA contributions for 2012 but just found out your income has exceeded the maximum level? Will I face a tax or have to pay some penalty?

[flyntwt]

[jacksbuddy]

TALK TO AN ACCOUNTANT!!!!!!!! DO NOT, I REPEAT, DO NOT RELY SOLELY ON ADVICE FROM A DUCK HUNTING FORUM!!!

I hate to sound alarmist, but we're talking about the IRS here, and they do NOT play by the same rules as everybody else. We will all give you the best information we have, but it's not our butt in the sling if the information is mistaken. Please protect yourself.

[lilwhitelie]

[flyntwt]

[jacksbuddy]

Oh, I'm not getting upset, and I didn't say you weren't qualified. For all I know, you may be THE tax code "guru god". I'm just saying that he needs to get his advice from a competent and licensed professional, and not rely on some good ole boys from down in the swamp. (A point which you've also made in your post.) Let's face it, there are several hands on here that can effectively advise you on such things as: how to train your dog, tune a call, launch a boat, find AND lose decoys, shoot a sporting clay, select a bourbon, write an excel program, and yes - even balance a checkbook; Along with a wondrous range of other useful talents.

HOWEVER. Since we are talking about the Infernal Revenue Service people, we want to plead with our friend to make sure the advice he uses is not from just some guy named 'Scooter' that practices part time fly tieing at "'Texas' Tim's Tax, Tool, and Taxidermy, LLC."

[flyntwt]

[matador1]

My advise is wait and see what they do. You can thank me later. Don't listen to these other clowns. I took a half semester of accounting in the 11th grade, the other half I worked in the cafeteria at the register. I knowz some crapz.