Hello All:
We have contributed to Traditional IRA last year, but during filing Turbotax reported we longer are eligible to contribute since we have a qualified retirement plan (CalPers). I have not filed my taxes yet pending the confirmation
(1) Can we leave the Traditional IRA Contribution as it is without any action, even tough we longer are eligible to get needed tax benefits for this year. Is there a penalty if we leave the contribution ?
(2) Is it necessary to convert our Traditional IRA Contribution to Roth IRA, It looks like we be might not be eligible for Roth IRA but not sure.
(3) Is it safe to cancel our traditional IRA contribution to avoid future issues, if so how do we do this ?
Please help if anyone has any suggestions ..
