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Roth IRA Help

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Money Talk > Retirement Planning

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Freddie780
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Roth IRA Help  Reply with quote  

I contributed the max to my Roth IRA this year only to find my wife and I now exceed the maximum adjusted gross earnings threshold of $160k to be eligible to contribute. My questions are these -

What do I do with the money I contributed this year? Do I just pay taxes on it through the return since it is already in the IRA account? I am still set up for monthly withdrawlas from checking to fund the account. I am a bit confused - please advise.
Post Sun Jan 21, 2007 7:18 pm
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efflandt
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Note that the amount of money you need to move out of the Roth is the excess contributions plus any earnings on those contributions (or minus loss). If you did not keep that isolated in one particular fund or investment, calculating that becomes more difficult. But maybe your broker can figure it out for you.
Post Mon Jan 22, 2007 8:35 pm
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