Accidentally contributed too much to Roth IRA. What do I do? I have a Roth IRA because my parents started it for me when I was 18. I honestly don’t know what I’m doing with it and didn’t realize how complex it was. Well this past year I pulled money from a 403B after I quit with that company and then had to put it in a rollover to get it over to my Roth. I honestly don’t know what I’m doing. I don’t have …

contributed to Roth IRA but am over MAGI I thoughtlessly and embarrassingly contributed to my ROTH IRA in Sept last year not accounting for the fact that this is the first time I was earning above the threshold. I was unable to contribute to my ROTH in the previous handful of years so was feeling good about having the income to contribute facepalm. To complicate matters, I have about 3…

Over contributed to 401k. Do I have to notify plan administrator? Hi all, I’m wondering about the following situation. I switched jobs last year and overcontributed to 401k: Job1: contributed 23k to Roth(has 50% match) Job2: contributed 11.5k to Roth (100% match up to 11.5k) So I’m not sure what to do – I already paid taxes on my contributions. I just technically need to withdraw contributions + earnings and p…

Over contributed to my roth ira in 2024 Any suggestions? Turbotax says to sell the amount I over contributed and pull it from my roth. Im under 50 so according to turbotax the limit is $7,000 i didn’t realize i went over the cap $4,617.53 robinhood 2550.24 Fidelity 7,167.77 i contributed do i just sell a little and pull like 200$ out to not get a 6% penalty every year? submitted…

Contributed to Roth IRA but over MAGI max Hi – This was my first year being over the MAGI max. I contributed the $7k during 2024 and realized during my taxes that I was above the income limit. I re-characterized funds by transferring them from my Roth IRA to my traditional rollover IRA account. Is there any other step I should take to optimize this? Am I ineligible to do a Backdoor R…

Accidentally contributed to trad IRA I thought I can claim the tax deduction for $7000 traditional IRA and turns out I don’t get tax deduction because my MAGI is too high. Is doing backdoor ROTH my only option now? Thanks. submitted by /u/PurplePegion

I contributed to my Roth IRA but my income is over the limit So I always contribute the max limit in the very beginning of the year so for 2024 year i contributed 7k basically in January. I’ve been contributing for a few years so I totally forgot about income limit I just always contribute all of it in January to max out return. But my income for 2024 ended up being over the limit for single filer but it …

I’m switching jobs. I understand that I get to spend what’s in my FSA (even though it’s just January and I haven’t contributed much). When do I have to spend this by? My JOB ends in the middle of the month. My BENEFITS continue to the end of the month. So, when do I have to spend the funds by? submitted by /u/deane-barker

I have contributed to ROTH IRA but I exceed the MAGI. what do I do now? Hi, I just realized my income for 2024 will be higher than 146K MAGI limit. I already have contributed 7K to my ROTH IRA for this year. can I just withdraw it to avoid penalty? any consideration I should make before I withdraw 7K? for more context. I have contributed a total of 31500 for years 2020 through 2024 my current Roth IRA balance is 38…

My job just contributed to my 401k 4 months after i got terminated So uh… what could that be about? I was contributing at max match, and what they contributed is about equal to what i would normally get from their contribution. As far as i know every paycheck contribution has been accounted for. Just randomly a couple months back it shows “match contribution”… but obviously no main contribution because I do…

Sununu Says Trump ‘Contributed’ to Insurrection, but Still Has His Support The New Hampshire governor, who has been critical of the former president and supported Nikki Haley in the primary, said he wanted a Republican in the White House.

I mistakenly contributed to my Roth IRA even though I’m ineligible. What now? Throughout my career, I was never in a position to even be aware their was an income maximum for Roth IRA eligibility. Through some rapid recent advancements, I am currently on pace to earn over the $161K maximum for 2024. But I already made a full $7,000 2024 contribution to my Roth earlier in the year before I realized I was ineligible. What i…

I made too much money last year but contributed to my Roth IRA Sorry if this sounds dumb, I’m just so confused. While doing my taxes, FreeTaxUsa told me I made too much money and that I needed to transfer the $6500 contributions I made to my Roth IRA last year out before the tax deadline. I followed the advice I found online. Re-characterized the $6500 + earnings from my Roth IRA to a Traditional IRA (via…

Contributed to my old HSA instead of the new one I have a HDHP, but I accidentally contributed to an old HSA I had a few years ago. Am I allowed to do this? Will I still receive the same tax benefits? I also already used some of the money I contributed for a medical bill for my son’s pediatrician. Am I ok having done this? Do I need to do something to fix the problem? submitted by /u/Gr…

“Accidentally” contributed to a roth IRA when not eligible So, i maxed out my and my wife ROTH IRA earlier in the year. Well in the middle of the year I won a poker tournament for 6 figures+ so now my “income” for the year exceeds the ROTH IRA income limits. The heck do I do now? submitted by /u/PlaytheGirl

What actions did you take that contributed the most to the growth of your small brand? Question in title submitted by /u/OrlandoWashington69