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re: Roth IRA income limit
Posted on 11/18/20 at 11:55 am to PillPusher
Posted on 11/18/20 at 11:55 am to PillPusher
So what happens if I’ve already contributed too much and we go over the income limit? I currently contribute weekly since we are usually below the income limit, but she got some significant bonuses this year.
3
Posted on 11/18/20 at 11:59 am to Simon Gruber
Here ya go. This discusses backdoor as well.
Lifehacker
quote:
if you over-contribute to a Roth IRA, you’ll have to withdraw the excess and any earnings on it. Otherwise, you’ll pay a 6% tax on ineligible contributions, plus you’ll pay a 10% early withdrawal penalty if you’re younger than 59.5.
Lifehacker
Posted on 11/18/20 at 11:59 am to Simon Gruber
Someone else can confirm but I would expect there's a form to fill out with tax time to specify any overpayment
Posted on 11/18/20 at 12:36 pm to Simon Gruber
quote:
So what happens if I’ve already contributed too much and we go over the income limit? I
You just have a to remove the over contribution plus and growth on that portion. Happens all the time. Every iRA custodian can walk you through it. No penalties as long as you do it before tax filing.
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