"so if the account went to zero on 12/31/2022 and no contributions for 2022 were made in 2023 there would be no penalty"
@Mike9241
Not sure what it means. Let me make a detailed example: I make $6000 roth IRA contribution now, and the account goes to zero on December 31, 2022. By the time, I find out that I am not allowed to make roth IRA contribution, so what should I do with those already contributed (now lost) $6000? In the future, my income does not allow to contribute any roth IRA anymore (assuming my salary significantly increases in 2023)
