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I have a Roth that I opened last year when I had a few extra dollars to throw together. I was never able to put the full $3000 into the account for the year, but probably managed to put in about $400.

At the early part of this year, I found that my finances had improved significantly and I started putting a few hundred dollars into this account whenever I could and planned on fully funding it in January. However, it became clear in around July that I was going to exceed the maximum income for the Roth. I have since stopped putting any money into the account and have opened up a traditional IRA so that in January I will have an account that I can fund. But now I am not sure what I should do about the money that I have already put into the Roth. Will I be penalized for putting the money in there? Should I take the money out of the account?

Any advice on what will happen when I do my taxes and what I should do about this account would be appreciated.
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