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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
Rising Star
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.
Rising Star
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).
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.
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
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.
You can recharacterize. Move to traditional then do a backdoor roth
Pro
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?