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[Music] hello everyone i am michael ruger i am the managing partner of greenbush financial group if you made the mistake of contributing too much to a roth ira in a given tax year you now have to go through the process of removing those excess contributions from the account and depending on when you discover the error you could have different options available to you and im gonna go through those today and some of those corrective actions unfortunately could involve having to pay some tax paying early withdrawal penalties potentially paying the six percent irs excise tax and those over contributions so im gonna walk you through the process from start to finish this error most commonly happens when individuals make contributions to their roth ira then at the end of the year when theyre filing their taxes they find out that you made too much to make a roth ira contribution or you cant make a full roth ira contribution and theres income thresholds where the phase out begins you start