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What happens if I put more money into my account than the annual IRA limit?

If you contribute above the annual IRA limit—which applies to all your Roth IRAs and traditional IRAs combined, not just your myRA—you’ll likely be required to pay a 6% excess contribution tax. This tax may be imposed each year that the excess contribution remains in your account.

You can avoid the excess contribution tax if you withdraw the excess contribution, along with the interest earnings from the excess, before the due date (including extensions) of your federal income tax return for the tax year of the excess contribution. However, the interest earnings from the excess contribution will be treated as gross income for the tax year in which the excess contribution was made.