620047
When I try to enter a Roth in a conventional manner I get an excess contribution and additional tax ($390). My AGI is above $199000 and married filing jointly. Know I it may not be deductible, just need to get it in there.
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Roth IRAs are not deductible. You contribute with after-tax income.
If your income is above $199k, you will have an excess contribution because you can't contribute to a Roth with that much income. So, you will be subject to the 6% excise tax. $6,500 x .06 = $390
I am not a financial advisor, but it sounds like you may want to move this over to a traditional IRA.
Roth IRAs are not deductible. You contribute with after-tax income.
If your income is above $199k, you will have an excess contribution because you can't contribute to a Roth with that much income. So, you will be subject to the 6% excise tax. $6,500 x .06 = $390
I am not a financial advisor, but it sounds like you may want to move this over to a traditional IRA.
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