R
rochish
Guest
Hello,
My wife and I contributed $5,000 each to our respective Roth IRA accounts in January this year for the year 2011 (we've been doing this for years). During most of this period, my wife was not working outside the home.
Recently, I got a new job with a substantial pay hike, and my wife also started working part time (FWIW, my new job starts July 2011). As a result, I just realized that our AGI for 2011 may be over the limit for Roth IRA, and hence, we may not be eligible to contribute. At this point, it is difficult to precisely calculate whether this would be the case.
If we do exceed the limit, is there a way to withdraw the contribution without having to pay a penalty, either on the earnings or on the principal? Do we have any other options to avoid penalty/excees taxes?
I would appreciate it if you let me know. Thanks in advance for any help.
rochish
P.S.: We file married jointly.
My wife and I contributed $5,000 each to our respective Roth IRA accounts in January this year for the year 2011 (we've been doing this for years). During most of this period, my wife was not working outside the home.
Recently, I got a new job with a substantial pay hike, and my wife also started working part time (FWIW, my new job starts July 2011). As a result, I just realized that our AGI for 2011 may be over the limit for Roth IRA, and hence, we may not be eligible to contribute. At this point, it is difficult to precisely calculate whether this would be the case.
If we do exceed the limit, is there a way to withdraw the contribution without having to pay a penalty, either on the earnings or on the principal? Do we have any other options to avoid penalty/excees taxes?
I would appreciate it if you let me know. Thanks in advance for any help.
rochish
P.S.: We file married jointly.
