In 2023, Tom was recruited by a start-up company who highly desired his skill set. He was offered a salary considerably higher than that of his current job, along with a significant signing bonus. He took the job. Tom had already maximized the contribution to his Roth IRA but, due to his unanticipated financial windfall, he is no longer eligible to make the maximum contribution. What are the penalties Tom may face if he takes no action? And, what are his options for correcting this issue?