I opened a ROTH IRA without knowing the income limit with Fidelity and currently make 150k. Is there any way for me to contribute to it? I can contribute to it through Fidelity but I’m not sure how they verify whether you qualify, my account opened with no problem. If I can’t, are there any investment alternatives that are just as good?

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Might be about to contribute some if you max 401k + HSA contributions since limitations are set based on magi. Or back door for the full 6k

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Fidelity doesn’t check, it’s on you. The problem will be when you file taxes next spring.

You’ll have to make a back door contribution. Open a traditional IRA, make your 6k contribution, and roll it over into the Roth IRA you have. If you get confused, google it or call Fidelity.

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Yes exactly. Only thing to watch out for is make sure you don’t already have a trad IRA balance anywhere or else there will be tax consequences).

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Call fidelity and ask them to walk you through the process of backdoor Roth IRA. They have a unit that deals with IRA support that'll stay on the phone while they do the whole thing.

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I made 139 last year. I was only able to contribute like $2,300 into my Roth IRA because of those limits. That might help you gauge it a little bit but I’d say still call fidelity to be sure

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This happened to me this year with Fidelity too. I opened a Traditional IRA account (first time), recharacterized $6k of my Roth IRA into the Traditional, then moved it back to the Roth. The Fidelity specialists on the phone walked me through all this and it was pretty straightforward.

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You can recharacterize. Move to traditional then do a backdoor roth

With 150 you take your standard deduction of 12,400, you’re AGI is 137,600

As a single tax payer your MAGI must be under 139000

You may be okay

If I were to do a back door Roth, do I have to do it all at once? Or can I fund the IRA over time and do multiple conversions?

I do think investments will still carry me over the limit based on AGI even when taking the standard deduction and maxing my 401K and HSA.

Just contribute $500 each month, use the $$ to buy stocks/index funds/mutual funds within the IRA account.

Do you mean to a traditional IRA?

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