Contributions exceeding the applicable annual IRA contribution limit may be subject to a 6% excise tax each year the excess remains uncorrected, subject to IRS rules.

Depending on when the excess contribution is identified, corrective options may include withdrawing the excess contribution and any associated earnings or applying the excess toward a future year's contribution limit, if eligible.

Because correction deadlines and tax consequences vary, consult a qualified tax professional or review current IRS guidance before correcting an excess contribution.