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Jp1LSU
LSU Fan
Key West
Member since Oct 2005
837 posts

Roth IRA limits
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?


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
48848 posts

re: Roth IRA limits
you can just take it out before you file your taxes.


Jp1LSU
LSU Fan
Key West
Member since Oct 2005
837 posts

re: Roth IRA limits
Take out the contribution?


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Shepherd88
Member since Dec 2013
2085 posts

re: Roth IRA limits
Recharacterize


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20
Moots
LSU Fan
Gonzales, LA
Member since Nov 2007
964 posts

re: Roth IRA limits
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.


Jp1LSU
LSU Fan
Key West
Member since Oct 2005
837 posts

re: Roth IRA limits
Thanks


lsurapper
Member since Oct 2017
271 posts

re: Roth IRA limits
What about a back door Roth?


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
48848 posts

re: Roth IRA limits
What about it


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Black n Gold
Duke Fan
Member since Feb 2009
12290 posts

re: Roth IRA limits
Are there separate limits for Roth and traditional? $18,000 for traditional, correct? What are the limits for Roth?


The Easter Bunny
Georgia Tech Fan
Member since Jan 2005
43746 posts

re: Roth IRA limits
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


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
48848 posts

re: Roth IRA limits
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


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00
Black n Gold
Duke Fan
Member since Feb 2009
12290 posts

re: Roth IRA limits
quote:

401(k) is $18500 in 2018


That just applies against traditional, correct?


castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
48848 posts

re: Roth IRA limits
Traditional ira and Roth ira have a combined limit of 5,500 per year


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