January 2016 I fully funded my Vanguard Roth IRA at $5,500 not expecting to hit the $117,000 income limit. I already fully funded my 2017 Roth IRA at $5,500 as well (I will definitely not hit the income limit this year as I leave my job). My income was much more than I expected due to unexpected large bonuses and because I reduced 401k contributions to save for an upcoming expense.
Now I'm looking at Box 1 of my W2 and it is $101,830.78. This doesn't include another $15,223.74 bonus or other income (interest on savings, stock sold, etc.) I think I'm over the $117,000 limit unless I have some factor that I'm not aware of that would drive my MAGI downward.
Anyone have any advice on the best course of action to take?
Now I'm looking at Box 1 of my W2 and it is $101,830.78. This doesn't include another $15,223.74 bonus or other income (interest on savings, stock sold, etc.) I think I'm over the $117,000 limit unless I have some factor that I'm not aware of that would drive my MAGI downward.
Anyone have any advice on the best course of action to take?