Dear Community,
Context: Based on our 2022 married filling jointly income we were eligible to contribute upto the max-limit into Roth IRA. So, assuming the same I put in upto the limit money for 2023 as well in my Roth IRA and some contribution in my spouses too. However, later in the year I changed my job and got a higher salary and joining bonus and my gross W2 wages for 2023 will be $230K+ now.
Questions:
Please feel free to ask any more details if needed.
Thanks,
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You have until the due date of your 2023 tax return, including extensions, to do a return of contribution or a recharacterization. However, reporting is much easier if done before the end of 2023 so that the forms reporting either of of these transactions will be 2023 forms instead of 2024 forms.
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