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If I contributed to an IRA but later realize that my income is too high to contribute for this year, what’s going to happen?

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You’re going to get taxed every year until you fix it


C1- what. Every year makes no sense

There is a 6% tax penalty assessed every year until the ineligible contribution is remedied

Do you mean you contributed to a Roth IRA? You can contribute to a traditional IRA (no deduction benefit) and then do a Roth conversion, preferably before you have to pay taxes on any earnings.

Not sure what you do if you contributed to a Roth IRA when you were no longer eligible due to income.

It’s a Roth. So technically I’ve already paid taxes on it

You just pull it out and get taxed on any earnings to date

You can always pull your own contributions out of a Roth IRA. You do get taxed on earnings though

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