Personal Investments • Over MAGI for 2024 Roth IRA

Hey folks,

This year we received a large bonus that will put us very close, if not over, the Roth IRA MAGI limit for MFJ.

I have already contributed $3,000 to our Roth IRA account this year so I need to correct this.

• How/what is the best way to do this?

• What should I expect as far as penalties?

• I still want to allocate the would-be $7,000 in the Roth IRA to retirement. Our 401k's are maxed out. What is the best avenue to do this?

We only have employer 401k's and our Roth IRA account. I am not opposed to opening other accounts to correct this. Lesson learned and we will now contribute to the Roth IRA during the grace period.

Statistics: Posted by NBKCF — Fri Mar 29, 2024 10:33 am — Replies 3 — Views 160

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