Roth Ira Phase Out

The maximum Roth IRA gradually for married joint production is $ 169,000 for the year 2008. Can anyone tell me what are the consequences if I am more than $ 169,000 with my spouse and I have already contributed $ 6,000 with my partner for this year? I checked the Internal Revenue Code at the checkpoint, but I am unable to find anything relevant after some time.

If you do not withdraw the contributions (plus any related earnings or less for losses) by the due date of the return (including extensions), you need a 6% tax on the amount of the contribution surplus. You owe this tax each year the excess contribution remains in a Roth IRA. You calculate the penalty on Form 5329.