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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).

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!

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