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Roth IRA limits
Posted on 3/8/18 at 9:49 am
Posted on 3/8/18 at 9:49 am
Suppose you contribute to your Roth IRA every year, and one year as the year is coming to an end you realize your income exceeds the income limit.
You already contributed the money.
What do you do then?
What will the IRS do?
Anyone have this happen to them?
You already contributed the money.
What do you do then?
What will the IRS do?
Anyone have this happen to them?
Posted on 3/8/18 at 9:51 am to Jp1LSU
you can just take it out before you file your taxes.
Posted on 3/8/18 at 9:54 am to castorinho
Take out the contribution?
Posted on 3/8/18 at 10:36 am to Jp1LSU
Yep, I’ve done this...As long as you take out the excess contributions and any earnings from them before you file your taxes on 4/15, no harm no foul! If you’ve already filed your taxes, you’ll just have to file an amended return.
Posted on 3/8/18 at 2:11 pm to Jp1LSU
Are there separate limits for Roth and traditional? $18,000 for traditional, correct? What are the limits for Roth?
Posted on 3/8/18 at 2:17 pm to Black n Gold
quote:
Are there separate limits for Roth and traditional? $18,000 for traditional, correct? What are the limits for Roth?
IRA limits are $5500 for an individual. 401(k) is $18500 in 2018
Posted on 3/8/18 at 2:19 pm to Black n Gold
5,500 limit (6,500 if you're over 50), for both trad and Roth ira combined. And of course the trad is not based oon income
Posted on 3/8/18 at 2:26 pm to The Easter Bunny
quote:
401(k) is $18500 in 2018
That just applies against traditional, correct?
Posted on 3/8/18 at 2:33 pm to Black n Gold
Traditional ira and Roth ira have a combined limit of 5,500 per year
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