Oops. An IRA Contribution Error
In a recent review of IRS practices, The Treasury Inspector General of Tax Administration (TIGTA) released a new report on the problem of excess contributions into IRA accounts. The report recommends better taxpayer education and:
“Identifying a more complete and accurate universe of individuals who potentially made excess contributions from which to select potentially productive cases.”
“Potentially productive cases” means selection for an IRS audit. Given this renewed focus on the problem of contributing too much into IRAs, here is what you need to know...