My wife and I were finalizing our taxes last night (yes, procrastination) when I found out that our MAGI was over the allotted amount to contribute to my Roth IRA (first time). I have it automatically contribute to the max throughout the year, so this means I'm $5,500 over now technically. It appears they will charge me the 6% penalty ($330) because of this, or I have to transfer it out I assume.
Could I simply take this out for now and put it in our money market holding account until I pick a traditional IRA, or does it have to immediately transfer into a specific IRA? Would I have to figure the earnings throughout the year and take this out as well?
Any other suggestions?
Thank you.
Could I simply take this out for now and put it in our money market holding account until I pick a traditional IRA, or does it have to immediately transfer into a specific IRA? Would I have to figure the earnings throughout the year and take this out as well?
Any other suggestions?
Thank you.