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Based on our salaries, my wife and I were, we thought, safely under the phaseout point for a Roth IRA, so we both contributed the $2000 max at the beginning of the year. The good news is that one of recently us got a bonus. The bad news is that we are now completely over the phaseouts and are ineligible to make Roth IRA contributions this year.

In general terms, what could be the ramifications of this little turn of events, tax-wise, penalty-wise, or otherwise?

Thanks for your help,
Y
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