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Hello, financial newbie here! I recently read that if you’re a single taxpayer, you are only eligible for a Roth IRA if you earn less than $118,000 annually. Once you exceed this amount you “enter phaseout” (what does this mean?) and become ineligible at $133,000.

I currently have a Roth IRA account, but if one day my salary exceeds $118,000 what happens to the account? Do I need to withdraw the funds before then if I’m to become ineligible? Will I be penalized for this?



Submitted May 27, 2020 at 10:57PM by RavioliFormuoIi https://ift.tt/3ekCyrM

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