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Get your taxes done using TurboTax
It depends. If you find you did contribute when your income was too high you must make a withdrawal/distribution now. Any earnings will be taxable in 2024 and it's possible to have the penalty waived with Form 5329. You will be issued a 1099-R in 2024.
The IRS chart for income thresholds will help you figure out what you can contribute for 2023 and 2024.
- Income thresholds for Roth IRA Contributions for 2023
- Income thresholds for Roth IRA Contributions for 2024
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March 6, 2024
12:36 PM