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When Can You Make Contributions? You can make contributions to a Roth IRA for a year at any time during the year or by the due date of your return for that year (not including extensions). You can make contributions for 2018 by the due date (not including extensions) for filing your 2018 tax return. This means that most people can make contributions for 2018 by April 15, 2019. What if You Contribute Too Much? A 6% excise tax applies to any excess contribution to a Roth IRA. Excess contributions. These are the contributions to your Roth IRAs for a year that equal the total of: 1. Amounts contributed for the tax year to your Roth IRAs (other than amounts properly and timely rolled TIP over from a Roth IRA or properly converted from a tra- ditional IRA or rolled over from a qualified retirement plan, as described later) that are more than your con- tribution limit for the year (explained earlier under How Much Can Be Contributed); plus 2. Any excess contributions for the preceding year, re- duced by the total of: a. Any distributions out of your Roth IRAs for the year, plus b. Your contribution limit for the year minus your con- tributions to all your IRAs for the year. Withdrawal of excess contributions. For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including exten- sions) for filing your tax return for the year is treated as an amount not contributed. This treatment only applies if any earnings on the contributions are also withdrawn. The Determining Your Reduced Roth IRA Contribution Limit Before using this worksheet, check Table 2-1 to determine whether or not your Roth IRA contribution limit is reduced. If it is, use this worksheet to determine how much it is reduced. 1. Enter your modified AGI for Roth IRA purposes (Worksheet 2-1, line 11) .................................................................. 1. 2. Enter: • $189,000 if filing a joint return or qualifying widow(er), • $-0- if married filing a separate return and you lived with your spouse at any time in 2018, or • $120,000 for all others ................................................ 2. 3. Subtract line 2 from line 1 ................................................ 3. 4. Enter: • $10,000 if filing a joint return or qualifying widow(er) or married filing a separate return and you lived with your spouse at any time during the year, or • $15,000 for all others ........................ ........................ 4. 5. Divide line 3 by line 4 and enter the result as a decimal (rounded to at least three places). If the result is 1.000 or more, enter 1.000 ............ 5. 6. Enter the lesser of: • $5,500 ($6,500 if you are age 50 or older), or • Your taxable compensation ..................... ..................... 6. 7. Multiply line 5 by line 6 ................................................... 7. 8. Subtract line 7 from line 6. Round the result up to the nearest $10. If the result is less than $200, enter $200 ...................................... 8. 9. Enter contributions for the year to other IRAs ............................ 9. 10. Subtract line 9 from line 6 ................................................ 10. 11. Enter the lesser of line 8 or line 10. This is your reduced Roth IRA contribution limit ...................................................... 11. Worksheet 2-2. Chapter 2 Roth IRAs Page 43