I opened an IRA account over a year ago with ingdirect.com and put $500 in some low risk funds and a year later i was down like $50. So for one, i cant stand watching paint dry and thats what i felt like i did during that year so i sold off the funds and ING offered sharebuilder for there customers so i started trading penny stocks last month and already tripled my money, but my question is, if you make more then the allowed yearly contribution what happens to the money? I think the limit is $5,000 a year so if i turn that $500 into $6,000 what will happen to the other $1,000 if im only allowed to make $5K?