HI,
In Jan 2019, I contributed $6000 to 2019 Traditional IRA account. In Jan 2020, when I started to file my taxes, I realized that my AGI is above $203,000. Due to that, I am not able to get deductions for Traditional IRA contributions I did in 2019.
So, now, what should I do with this investment?
Will I get any penalties because I contributed to traditional IRA account and was not able to deduct it?
If No penalty, what will happen to this contribution at the time of retirement, will I still owe taxes on it? (even though I did not get deduction)
What are the other options for this contribution?
