Got married in Apr 2023. Wife makes $65-70k, I make $110k (10% into 401k, 5% match).
In February of 2024, I maxed my 2023 and 2024 contributions in a Roth IRA.
Wife and I planned to file separately, as she has $100k in grad school debt, and I have none. She is working towards PLSF, so filing separately keeps her payments very low (PAYE plan).
Doing some research and just learned that if we file sperately I'm not eligible for a Roth IRA. What's my best course of action? Can I simply withdraw everything ($13.5k contributions, ~$700 gains), close the account, then proceed with filing separately? I believe I'd just pay taxes/penatly on the gains? Do I need to call Fidelity or do anything special here to be compliant?
I'm ok with moving it into another investment account if there's a way that's easier (can I move this to my 401k? Open a traditional IRA?) or just putting it all back in my HYSA for now.
Submitted March 04, 2024 at 10:12PM by DNags https://ift.tt/PlsJSD2
