@gday111 wrote:
BTW_Thanks to All who have responded. While I blame my previous Tax Preparer for never spotting this I honestly never knew there were limitations based on Income and it amazes me that after all those years I never read anything that tipped me off to that fact. How that alluded me I will always question.
I just faithfully contributed the Max amount per year to my Roth thinking I was doing the right thing for my Retirement.
I want to point out one final thing. I ran a quick spreadsheet, and if you contributed the maximum each year from 2006 to 2024, and were always ineligible, then you have $103,500 of contributions and $57,870 of cumulative 6% penalties, not including interest and the late payment penalty. That is a substantial risk, and well worth the cost of at least one and maybe two consultations with expert professionals.
