Over The Limit
Dave tells Lisa that she's going to have to pull her contribution back out since she's over the limit for the calendar year.
QUESTION: Lisa opened a Roth IRA and forgot there were income limits. She went over the income limit this year and, it turned out, was not eligible to contribute this year. She asks Dave what will happen.
ANSWER: You just have to pull the contribution back out. You can’t contribute more than the limit in a calendar year. It doesn’t affect any other years that you invested, just this year.