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Another Roth IRA question
Posted on 11/24/14 at 3:57 am
Posted on 11/24/14 at 3:57 am
My income now exceeds the amount which allows contributions to my Roth IRA? What are some options with this IRA?
TIA
TIA
1
Posted on 11/24/14 at 1:49 pm to WillieD
Open a traditional IRA and backdoor it into the Roth?
Side question, Lets say I receive a huge bonus that pushes me over the Roth limit and I already maxed out the roth for the year. Do I need to withdraw the contributions and move them to a traditional (and then if I wanted to, backdoor into the roth)?
Side question, Lets say I receive a huge bonus that pushes me over the Roth limit and I already maxed out the roth for the year. Do I need to withdraw the contributions and move them to a traditional (and then if I wanted to, backdoor into the roth)?
Posted on 11/24/14 at 1:55 pm to tigersnipen
Here's what the IRS says about excess contributions: LINK
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