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Retirement tax questions
Correct. The growth is taxable. But it's kind of a shame that you caught this when you did and just pulled the money out. There actually is a way for you to contribute to a Roth when you are above the threshold to make a direct contribution. It's termed a "back-door" Roth: you first contribute to a nondeductible Traditional IRA and immediately convert the contribution to a Roth IRA. While there's extra reporting involved, this does get around the contribution limit.
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May 14, 2021
8:51 PM