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Backdoor ROTH and getting penalty for contributing to a ROTH because over income limit.
My income is too high for a ROTH. In 2023 I contributed $6500 to a traditional IRA and immediately transferred it to a ROTH. I followed all the instructions on TurboTax for a ROTH conversion.
Now I’m being told that I made too much for a ROTH and will have a $390 penalty for every year I don’t take out the $6500.
April 13, 2024
11:16 AM