Hi,
Recently, I realized that the MAGI my wife and I will earn this tax year (2023) would put us out of the range to contribute to a Roth IRA plan. Up to this point, I have been contributing regularly and have requested a "Remove an Excess IRA Contribution" form from my brokerage (Schwab) of all the funds for 2023.
Is there any implications - tax or penalties - of taking the money I've contributed to the Roth IRA plan - now have removed - to my employers Roth 401k plan? The reason I have not been contributing to the 401k plan up to this point is because I do not have employer match so the IRA plan gave me better options in terms of investments.
Any help would be appreciated. Thanks!
