So I know this is supposed to be good, both wife & I earned good raises that pushed us out of range where we can contribute to Roth IRAs. The part that stinks we've already contributed a bit to our Roths, grrrrr.
From what I've read need to take a few steps, are these right?
1) Withdraw over contribution from both accounts + the % of earnings i.e. if Contribution is x% of total on contribution date (or start of calendar year?)
2) The x% of gain at withdrawal needs to come out.
Taxes will be owed on the earnings withdrawn
I am very tempted to try and take a couple months off but that would be counterproductive
From what I've read need to take a few steps, are these right?
1) Withdraw over contribution from both accounts + the % of earnings i.e. if Contribution is x% of total on contribution date (or start of calendar year?)
2) The x% of gain at withdrawal needs to come out.
Taxes will be owed on the earnings withdrawn
I am very tempted to try and take a couple months off but that would be counterproductive