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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 7:47 am to Pendulum
Ok hopefully vanguard can do the same, I'll give them a call
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.
Posted on 2/12/24 at 8:49 am to Honest Tune
If it’s a Roth figure out what your 2024 contribution limit is and set up your contribution accordingly. You can figure out what to buy as you go, but set up the structure properly. Call E*trade with any questions as I’m sure they’ll be helpful.
Posted on 2/12/24 at 9:58 am to slackster
I will call them. Thanks.
Posted on 2/12/24 at 10:00 am to Honest Tune
Same happened to me a few years ago. I had to tabulate my annual contributions and withdraw them from the Roth (transferred to money market account). I believe there was a penalty associated with the withdrawal.
Posted on 2/12/24 at 1:26 pm to Civildawg
quote:
Ok hopefully vanguard can do the same, I'll give them a call
Happened to me a couple years ago. Called vanguard and they basically fixed it for me. Took the excess out and rolled it to an IRA. Had to pay taxes on it though to fix.
Posted on 2/12/24 at 1:58 pm to HailToTheChiz
quote:Same with me. It’s something they do regularly.
Happened to me a couple years ago. Called vanguard and they basically fixed it for me
I’d recommend doing a backdoor Roth IRA every year and you won’t have to worry about your income level.
Posted on 2/12/24 at 2:45 pm to HailToTheChiz
quote:
Happened to me a couple years ago. Called vanguard and they basically fixed it for me. Took the excess out and rolled it to an IRA. Had to pay taxes on it though to fix.
same except they kept mine and just said i had no contribution NEXT year. was weird. how did they know i would qualify the next year? beats me. lol
Posted on 2/13/24 at 5:19 am to Pendulum
quote:
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.
Same experience. It was super easy to fix. All the investment companies have tons of experience with this.
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