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In January, I opened Roth IRAs for both my husband and myself and deposited $2k each. Then the company we both work for was acquired, and he was downsized. Between my unexpected project bonuses and his generous severance package, we might exceed the $150k AGI limitation, although it would be close. (I never thought that making TOO much money would be a problem!)

One thing I've thought of doing is maximizing our contributions to the 401k. We currently contribute 4% each, to get the company match. We don't contribute more because of the generally poor-performing investment choices in the plan.

If we did exceed the AGI limitation, what would I have to do, by when, in order to avoid tax consequences and penalties? Or is it already too late?

Shaniqua
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