Greetings!
My current income is well below the $150k-165k single filer threshold level for making Roth IRA contributions. I've been making regular contributions since January. However, I've been offered a job starting in the second half of the year that would push my total MAGI for the year above the limit for Roth contributions. Must I back out those contributions and the associated gains before I file my taxes next year to avoid a penalty? If so, would it be better to do that now or wait until later in the year (or even next year)?
Thanks
My current income is well below the $150k-165k single filer threshold level for making Roth IRA contributions. I've been making regular contributions since January. However, I've been offered a job starting in the second half of the year that would push my total MAGI for the year above the limit for Roth contributions. Must I back out those contributions and the associated gains before I file my taxes next year to avoid a penalty? If so, would it be better to do that now or wait until later in the year (or even next year)?
Thanks