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null

You are currently posting as works at Senior Consultant

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

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You are currently posting as EY 1

C1- what. Every year makes no sense

You are currently posting as Consultant 1

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

You are currently posting as Business Consultant 1

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.

You are currently posting as Senior Consultant

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

You are currently posting as Deloitte 1

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

You are currently posting as Deloitte 1

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

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Why has this not come up in the recent tax discussions? Also, someone correct me if I am wrong but the NYT reporting (thus far) was not on his personal returns, correct?
https://www.cnbc.com/2017/03/14/trump-tax-returns-rachel-maddow-says-acquired-2005-form.html

The White House pre-empted "The Rachel Maddow Show," revealing that Trump had paid $38 million in taxes on income of more than $150 million.

cnbc.com

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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?

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

C1- what. Every year makes no sense

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

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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.