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Didn't notice I'm over the Roth IRA income limits this year but put money in it, options?
Posted on 2/12/24 at 7:09 am
Posted on 2/12/24 at 7:09 am
My wife changed jobs in the middle of the year last year and it barely put us over the income threshold for Roth IRA, but I didn't realize it and contributed to it anyway in December. What are my options? I haven't filed my taxes yet.
Do I just move last years contribution to a traditional IRA? Are there any penalties? I assume I will have to pay taxes on my gains
Do I just move last years contribution to a traditional IRA? Are there any penalties? I assume I will have to pay taxes on my gains
2
Posted on 2/12/24 at 7:12 am to Civildawg
Etrade had a feature that unwound everything out of roth into a brokerage account pretty painlessly, Happened to me couple years ago, with an unexpected bonus.
Posted on 2/12/24 at 8:33 am to Civildawg
Can I piggy back on this so I can avoid starting a thread?
I started a Roth IRA on E-Trade, with a very minimal contribution, just to get it started. I don’t know if I set it up right or what to expect from it, or really how much to add. Any info is appreciated. I’m adding it from taxed income.
I started a Roth IRA on E-Trade, with a very minimal contribution, just to get it started. I don’t know if I set it up right or what to expect from it, or really how much to add. Any info is appreciated. I’m adding it from taxed income.
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