OK, I'll admit I'm an idiot, but I'm hoping someone knowledgeable will take pity on me. My wife contributed $3000 to her Roth IRA in 2022, as normal. But we sold our rental home and I guess that income put us over the limit for contributing to the Roth IRA.
Assuming this is correct, I'm wondering about what to do next. We live in California, in one of the disaster relief areas, so have until Oct 16 to file, and also to contribute to an IRA. So, can we remove the money from the Roth, and put it into a traditional IRA?
I guess we will need to pay a penalty, so I probably shouldn't expect the IRS to take pity on us.
