Roth IRA & Income Limit

aznaphrodite · 12-30-2008, 04:44 PM

My husband and I have already contributed $5k each towards our Roth IRA for 2008. The company I work for was suddenly sold and my options were automatically cashed out. I'm almost certain this puts us over the $165k income limit for people who can contribute to Roth IRA's but I won't know for sure until we get our taxes done in a few months. If we are over the limit, what happens? Will we be forced to take out the $5k from our Roth IRA's, even if we've already invested it and lost money given the current market??

Daedalus · 12-30-2008, 05:15 PM

This looks like a good source of info.

Even better, here's a thread on excess contributions in one of their forums.

aznaphrodite · 12-31-2008, 10:25 AM

Thank you!!! I tried Googling before posting here but I guess I wasn't searching for the right keywords. Thanks again!

12-30-2008, 04:44 PM	#1
aznaphrodite Lieutenant Commander Join Date: May 2000 Location: Frisco, TX Posts: 644	Roth IRA & Income Limit My husband and I have already contributed $5k each towards our Roth IRA for 2008. The company I work for was suddenly sold and my options were automatically cashed out. I'm almost certain this puts us over the $165k income limit for people who can contribute to Roth IRA's but I won't know for sure until we get our taxes done in a few months. If we are over the limit, what happens? Will we be forced to take out the $5k from our Roth IRA's, even if we've already invested it and lost money given the current market?? __________________ Rebecca ladyrebecca.com/moonprincess.com/popples.org

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12-30-2008, 05:15 PM	#2
Daedalus Lieutenant Commander Join Date: Dec 2002 Posts: 757	This looks like a good source of info. Even better, here's a thread on excess contributions in one of their forums.

12-31-2008, 10:25 AM	#3
aznaphrodite Lieutenant Commander Join Date: May 2000 Location: Frisco, TX Posts: 644	Thank you!!! I tried Googling before posting here but I guess I wasn't searching for the right keywords. Thanks again!

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