Hi all,
Last February I deposited $5,500 into my Roth IRA account (through Vanguard). At the time I was making about 100k a year, so I was comfortably under the phase out ranges.
A few months later, I got a ~50k promotion and a bonus and am now over the phase out income range.
However, I still have the money in my Roth IRA. I understand that I need to move the money out of the IRA before I file my taxes in April.
I have heard that there are ways to contribute to a Roth IRA if you are over the limit via a backdoor Roth. How do I go about doing this in my situation?
How do I fix this situation with as little penalty as possible?
Thanks!
Submitted February 09, 2019 at 02:20PM by al12thr http://bit.ly/2WPROVD
