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Step 1
Correct an excess contribution by using a specific formula to determine the amount to remove by the owner's tax-filing deadline to avoid this penalty.
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Step 2
File an amended return by April 15th if you overstated your traditional IRA contribution to avoid this type of penalty.
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Step 3
Make a contribution to your IRA by April 15th if you have some remaining deductible contributions left. By doing so your actual contributions will match what you have already reported.
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Step 4
Withdraw funds from a traditional or a Roth IRA to pay for college or higher-education expenses at anytime without penalty.
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Step 5
Buy a home for the first time only and use your IRA contribution without paying any penalties.
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Step 6
Rollover IRA contributions are an investment option for individuals leaving their current employment and who are active participants of a qualified employee retirement plan. They can move their IRA contributions to a separate IRA within 60 days without experiencing any penalties.










