Oct 16

Question by phxsunsfanaz: What do you do when you make Roth IRA contributions for a year in which your annual income exceeds the limits?
Let’s say a couple made Roth IRA contributions for 2005 in Feb 2005. In 2006, they realized that their 2005 income was much higher than they originally expected and exceeded the $ 160K limit for couples. What are the options available now to undo it?

Best answer:

Answer by ThaneTheBrain
You better talk to a tax person. If you’ve filed already, and took the deduction, then you’ll have to amend. But if you went to file and realized your mistake, they can help you back out your money.

What do you think? Answer below!


Apr 18

Fees can take big bite out of retirement contributions
Making an annual contribution to a retirement plan? A recent study could give you pause. It says that more than half of the average person’s IRA contribution is being eaten away in fees.

Read more on Pocono Record


Apr 5

First, I do not need a link to an IRA FAQ that talks about various circumstances governing IRA contributions. Read my question and answer it, do not answer an imaginary generalized IRA question.

I just want to know, do contributions to an SEP IRA by my employer have any impact on my ability to fund a Traditional IRA to the normal limit and deduct my contributions. Assume that if the SEP IRA didn’t exist, I could contribute and deduct the full 4000 this year.


Mar 15

We are trying to save some money for the down payment of the house that we are planning to buy next year and thinking to stop our IRA monthly contributions for this year in order to do that.Is it a good idea, or we better of just keep making contributions and withdraw them later from our IRAs if we need the money under the 1st Home Buyers criteria especially if it’s going to be penalty free?


Mar 1

My wife and I have Roth IRA’s. We’re close to the income limits. I would like to setup a monthly contribution rate, but I don’t know if I will over contribute because of year end bonuses.

Should I contribute once, at the end of each year (I know I’ll miss out on the interest)?

I also read about being able to contribute some into a roth and some into a traditional IRA. If anyone can clear this up it would be helpful.

Either way, what would happen if I over contribute?

Thank you.


Feb 28

A) are taxed, but the interest in the fund accumulates tax free
B) reduce your taxes, but the interest income on the IRA is taxed in the year that it is earned
C) reduce your taxable income. the funds in the IRA and the return on the IRA are not taxed until the funds are disbursed in your retirement years.
D) are not taxed once when they are placed in the IRA and again when they are disbursed from the IRA


Feb 24

I guess I am asking WHY that is the law. I’m assuming lawmakers didn’t blindly choose $5,000 as the cap….


Feb 6

I have a fulltime job, and also am an independent contractor. I usually contribute 4k annual to my traditional IRA to get the tax write-off. I heard there are some limitations if you make more than a 100k annual.


Dec 29

Forsyth budget cuts holidays, 401k contributions CUMMING – At a called meeting Monday, the Forsyth County Board of Commissioners adopted the county’s Fiscal Year 2010 Operating Budget which cuts paid holidays and the county’s contributions to employees’ 401k plans. Read more on AccessNorthGA


Dec 14

Please cite a source, thank you!


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