Skip to main content
No. of Recommendations: 0
Fools-
I put 3K in a Roth IRA last summmer, assuming I would qualify (as I have my whole working life).
To my surprise, my moonlighting income has sent our joint income above the maximum allowable income for the Roth (150K I believe).

Question:
What are the penalties for pulling money out of the Roth that I already put in (and do I have to give back the $500 I gained in the index fund appreciation as well)?

What are the risks of leaving it in and pretending ignorance (getting a stiff penalty from the IRS; ending up with only 3K 40 years from now when they find out)?

Thanks for your help!

Jeff
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.