So, I’ve found out that my annual income is beyond the limit for Roth IRA (because of bonus, which I failed to account for). I am told that I need to withdraw 6k that I contributed to it. Do I also need to withdraw the increase due to the 6k that I invested in it? Anything else I need to consider?

like
Posting as :
works at
You are currently posting as works at

Yes you need to take out the excess contribution including earnings. Your brokerage should be able to handle that for you

like

Thanks!

like

Look into the mega backdoor for your roth.

They would have to check with their 401k provider for that

Related Posts

If I’m going from mid level to senior at 100k currently, what should I be expecting in terms of a salary raise to that level? In NYC

like

How much do you donate each month/year? What is your total comp and age?

like

I am a Talent Aquisition Manager with a strong leadership and sales background. I'm looking for new opportunities. I would like a remote opportunity with a team of 10 or less. Salary expectation is 120k with a commission structure. Any recommendations?

likehelpful

Guys I have a offer for Penetration Testing Engineer L4 position, London location what should be the salary ?

Years of experience- 2 years

Due to a recent company-wide increase and additional pay for bilingual direct reports I am only making a dollar and change above them as their supervisor. I was hired into this position in March, having been the first employee in this department. I really tried to get them to budge on salary, they did not, but shortly after accepting they gave the whole company a dollar raise.

Any suggestions on how this might be addressed?

like

Got offer from TCS at 10.5lpa with 1 lakh variable pay.
What will be inhand salary after tax deductions?

like
likehelpful

Hey
Any one knows what's the salary scale for a Business Development Manager at Dish Network?

like

What is the current salary structure of Senior 1 & Senior 2 in EY GDS for IT Audit domain (Business Consulting > Technology Risk)? EY EY India

like

Holding an offer from Impetus technologies inc 13 LPA+ 1 L joining bonus.

How much should I ask from Persistent Systems Limited .

Yoe 4.2
Tech PLSQL

like

Has anyone paid back their sign on bonus when quitting? Did they allow you to pay it back in a repayment plan?

like

What issues will shape the landscape of insurance over the next 10 years?

like

Hi folks, I had a quick question around remote work. My office is in San Francisco but I worked remotely from NJ for clients on the WC. How should I answer the question, “did you earn income working remotely by providing the services in a different state than the state you originally engaged employment with it”? If it matters, I never set foot in CA.

like

Has anyone received the bonus letters yet?

like

Can anyone let me know the salary ranges for client side media roles in Chicago? Looking at associate media manger and media manager roles, depending.

like

Why is the MTA so awful!?!? And they are going to be raising the fares again!? For what!!? 🤬

The MTA should be our audit client. I’d bet you’d find so much wasted and pocketed money!

likefunny
like

Planning Directors: market and salary?

like
like

Hi peeps, does anyone have an idea if bonus will be impacted if I put in my notice starting feb? Do they not give you bonus if you're on notice period?

More Posts

Been running on self-will for the duration of this lockdown. My reserves that I built up in this program are depleted. Thankfully I was able to attend a meeting this evening, and the topic was 3rd step. Funny how that happens. Good reminder that a life run on self-will can hardly be a success.

like

How much hike should I expect considering that I joined in june starting in ccb on applied ai/ml role?

like

Does anyone else feel that from a student personality and school philosophy perspective:
McKinsey ~ HBS
Stanford ~ BCG
Wharton ~ Bain
?

likefunny

Hi Fishes,Need info. Is it possible to work in CTS at Whitefield Bangalore office after joining?

like
like

How much difficult it is to switch from Microsoft IDC to Microsoft USA by applying through IJP.

like

On personal Capital, how many of you add the value of your car to your net worth

like

Good morning, can someone tell me what is the fastest route/next steps for a special education teacher to become an LTSE?

like

Hey Fishesh,

Looking for python developer. YOE 4.6 years
skills - python, django, aws lambda, s3, postgresql
location- Pune

Thanks in advance

like

If you could, what advice would you give yourself at 25?

like

What do you use in your classroom for intervention ?

like

Hello ,
I got offer letter , My base location is Noida.
Is there any possibility that after joining TCS will change my location ie they can change my location by there own.

like

Anyone looking for new opportunities in media planning? Have a few openings and happy to make introductions. They are in Chicago

Does anyone put money in VAs for a business client? What are the PROS/CONS/DIFFERENCES? Scenario: 5 doctors want principle protection first and growth of principle second. Each doctor is 20% vested. The business is cash rich and time horizon is 3 to 5 years. Thoughts/Advice welcome. I already have the potential company/product with no surrender period so I don’t need referrals but I’m thinking there will be at least one person who only reads part of this post and referred me anyway. :-( TIA

like

Average salary for a RN case manager with a CCM certification at insurance company? Please help don't want to low ball my self I'm at 81k right now but since I have a cert in this area what should I be asking?

likehelpful

Is it mean to feed my Midwestern American in-laws' kangaroo meat when they come to visit? ...Without telling them what it is first?

like

Corporate and IP paralegals what do you do on a daily basis and why do you think it’s so hard to break into these fields?

like

Moving to San Antonio from Austin. Will be In Office 3 days a week near Sea World. Married with a 1 year old and active dog. We love good food and being active... Where should we live? Any other suggestions. As a reference we lived in the 04/Soco area for 6 years.

like

I bought a house six months ago and while doing some redecorating, I found black mold behind the wallpaper in the kitchen. Didn't the previous owners have to disclose this to me, by law?

like

Hey Everyone,

I am joining JPMorgan on 30th January, 2023.

How can I look for Flats/Apartments/PG near it?

Also do JPMC provide a few days of hotel stay while relocating?

Also Is anyone looking for the roommate? (Gender: Male)

like

Additional Posts in Personal Investment Chatter

Should I refinance a student loan of $9000 from 3.85% to 3.33%? I plan on paying within 15 months. Or is it better to invest?

like

Blue Prism stock ($BPRMF) on the rise again, with seemingly nothing but good press. Does anyone have insight or a feel on the company’s prospects/plans for 2019?

like

Can you withdraw money from 401k? What the penalty and how to find out?

like

Is is normal to buy a new car at dealership that other people might have had a test drive on or touched etc? I want a new car that no one test drove and no one touch. Help

funny

Is BRK-B a buy right now?

like

I make $140k in New York. Should I invest a Traditional 401K or a Roth 401K or do a split?

like

Investor’s Business Daily: worthwhile?

like

I am heavy on US stocks. I keep hearing to diversifying a little bit with bonds and international - feel its a bit over rated if I can withstand volatility and far from retirement. Thoughts? I read a lot on this bowl about not having bonds in portfolio under 40

like

On personal Capital, how many of you add the value of your car to your net worth

like

Where do you go for stock market news?

like

Looking to open a Roth IRA. A bit worried about where to invest my money given independence restrictions (work in NYC office). Any recommendations to what funds to invest in?

like

Want to do a sanity check. I’m making $110K and single. Right now max 401K, 50/50 traditional/Roth split. If I know I’ll be in school next year and will only work 6 months next year, should I aim to maximize Roth *next year* ? And therefore, maximize traditional this year? Thoughts? Thansk!

like

Does anyone do a high level check of all earnings less all major purchases cumulatively to see what it comes out to compared to what you actually have in liquid assets? Basically your own cash flow statement kinda? Is there an easy way to do this or a tool available? I currently use Excel and it's been accurate up until this year and I can't figure out what's off, it's annoying..

like

Not sure what to do with my student federal loans. Weirdly my private loans have a 3% rate while federal loans are at 6.5% makes no sense

like

Hey all! I would appreciate some feedback on my investing strategy: I want to buy QQQ3X when QQQ goes below 118$. I believe a major market reversal (a crisis) should take place in late 19 or (cont)

People investing in rental real estate what’s your ROI this year? My profit divided by current value is barely above 3% (and that’s with no renovations and 100% occupancy). Should probably sell it and invest elsewhere...

like

1 yr treasury bills almost at 4% interest. Maybe not a bad time to buy bills for those looking for a short term investment (assuming you’ve already maxed the Series I bonds)

like

Anyone run a side business for the tax benefits? Thinking about things like the over 6000lbs vehicle tax deduction, home office deduction, etc. What sorts of business do you all have?

like

Has anyone maxed out their Roth for the following year yet? Thinking of taking it out of my account for the following year and capitalize on the gains

like

Curious for some advice…

I currently have a Cap One Venture card. I have had it for a couple of years now but I am interested in upgrading to a Venture X card.

No promotion has been offered to me to upgrade my existing Venture card to a Venture X card.

Should I wait until that promotion is offered to me? Or would it be dumb to apply for a Venture X card separately and a) hold both cards or b) close out the original Venture card.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal