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Greetings, Mayky, and welcome. You asked:

<<What are the ramifications of making a Roth contribution at the beginning of the year only to discover at the end of the year that your income is too high, ie >$110,000, to qualify for a Roth?

Is there a penalty?
Is it possible to unconvert that contribution?>>

If you leave the money in the IRA, then you must pay a 6% penalty for an excess contribution to a Roth IRA. You can avoid that by having that contribution recharacterized as one make to a traditional IRA. Your IRA custodian can do that for you if you ask. You have until April 17 to complete that action. After that, you must pay the penalty. For details, see IRS Publication 590 (Individual Retirement Arrangements) available for download at

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