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What happens to ROTH IRA if you make over $122k?
Old 01-11-2011, 05:24 PM   #1
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What happens to ROTH IRA if you make over $122k?

I contributed to a ROTH IRA during 2010 and didn't expect to exceed the $122k AGI limit on a single filer. A large year-end bonus pushed me over this mark. What do I do now? My ROTH is through Fidelity. I would like to begin contributing for 2011 but now I really don't know what to do! I've done a little reading on "backdoor" contributions but still a little confused.

Thanks in advance!

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Old 01-11-2011, 05:51 PM   #2
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Talk to Fidelity. You should be able to re-characterize it to a traditional IRA, then convert it to a Roth.
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