I was just wondering what if I never realized that I was over the income limit? What would happen if I try to take out the money? They don't usually ask about your income when you put money into a ROTH IRA.
Similar question. I have been contributing to a roth ira for the 2010 tax year. It is looking like if my trading gains continue that I will surpass the roth ira income limits. If my income ends up being over the limit what happens if money has already been deposited? Can I withdrawal it as to not trigger taxes or penalties? Any help would be greatly appreciated
i'm pretty sure both of you will find the answers on irs website- http://www.irs.gov/publications/p590/index.html http://www.irs.gov/publications/p590/ch02.html#en_US_publink1000231024 http://www.investopedia.com/university/retirementplans/rothira/rothira1.asp i have different question...if one generating decent six digits profits from trading-is there any way to contribute relatively large sum of money to any type of IRA? like 10-50K? every year? those limits like 2-3K a year are way to small..