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Roth IRA - Worried my MAGI might go over the limit
Posted on 6/26/21 at 7:48 pm
Posted on 6/26/21 at 7:48 pm
I put some into Roth IRA last month and I got a new freelance project. I might be over the MAGI limit if the project continues till December.
What are my options to already invested Roth? Will I pay a fine or something?
What are my options to already invested Roth? Will I pay a fine or something?
1
Posted on 6/26/21 at 7:58 pm to glorymanutdtiger
You can roll the excess contribution for this year over into a traditional IRA. Some brokers may help you do this on the phone. They should be able to roll the gains as well so no tax issues. Just a conversion
This post was edited on 6/26/21 at 7:59 pm
Posted on 6/26/21 at 8:01 pm to HailToTheChiz
Thank you. Just want to make sure that I have options
Posted on 6/27/21 at 7:03 am to glorymanutdtiger
Does your income vary on an annual basis?
I know it's time lost in the market, but you may want to hold off on your 2021 contribution until January just so you know your total income. You can then make your 2021 contribution up to the tax deadline. If you're over, Google how to do a backdoor Roth IRA. White coat investor gives a nice step by step.
I know it's time lost in the market, but you may want to hold off on your 2021 contribution until January just so you know your total income. You can then make your 2021 contribution up to the tax deadline. If you're over, Google how to do a backdoor Roth IRA. White coat investor gives a nice step by step.
Posted on 6/27/21 at 7:17 am to TheWiz
If he's close, couldn't he increase contributions to a 401k to get under?
Posted on 6/27/21 at 8:17 am to GrizzlyAlloy
Yeah. It varies. This year has been good than usual. That's a good suggestion to hold off. Thank you
Posted on 6/27/21 at 8:31 am to TheWiz
quote:
I know it's time lost in the market, but you may want to hold off on your 2021 contribution until January just so you know your total income. You can then make your 2021 contribution up to the tax deadline. If you're over, Google how to do a backdoor Roth IRA. White coat investor gives a nice step by step.
This.
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