Key insights
- The post discusses options for handling Roth IRA over-contributions due to exceeding the MAGI limit. While withdrawing the excess contribution is a viable solution, the post lacks the depth to significantly influence the US equity market. The issue is specific to individual financial planning and doesn't reflect broader market trends or economic indicators.
Per the title, if you get to a point where you’ve already contributed fully to a ROTH for the year but then your MAGI (once calculated at year end for taxes) gets to a point where taxes are showing you can only contribute $0 without penalty, what options do you have ?
For example can you just withdraw the ROTH amount for that year (the year limit) now, before filing taxes and that resolves the issue ? Is there a specific way you have to withdraw it to ensure it counts for the right year (on the assumption you’ve contributed to current year as well) ?
Are there any better options in this scenario ?
Thanks