Had my taxes done today. Our MAGI is more than $ 150,000 (filing jointly). I have aleady maxed out my contribution ($3,500)and the total balance is invested, no cash left. I have contributed only $ 2,000 to my wife's Roth (her max. is $ 3,000). Upon reading the boards and downloading the pages from the IRS website, my calculation shows we have over contributed $550 in total. There is more than $550 uninvested cash still left in her Roth. Can I withdraw the over contibution from the cash left in her Roth or am I forced to recharacterize my Roth?I apologize for the long post, my first on this board.ThanksPietie
Not a long post at all. I do not know for sure, but I would expect that yours is the one over the limit. You may want to talk to your IRA broker for assistance.FuskieWho welcomes you to the board...
Pietie,The calculation for allowed contributions is done for each of your Roths. If your MAGI was, say, $155k, the calculation says you take the extra $5k / $10k = 50%. This means each of you can contribute 50% of the allowed $3k (or maybe $3,500 in your case), which = $1,500. Any amount over $1,500 either of you contributed has to be removed, reclassified, or whatever.Fuskie may be right, in that YOU may be the one that overcontributed. You cannot remove funds from her account to get yours back in line.HTH3MM
Thank you guys.Pietie
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