Hi, I contribute to the roth ira because my individual income is less than $138,000. But I realized that if I want to file jointly, our total income is more than $218,000. How can I fix this?
Because you've made an excess Roth IRA contribution, you'll need to either obtain an explicit return of contribution from the Roth IRA or request that the IRA custodian recharacterize the Roth IRA contribution to be a traditional IRA contribution instead, otherwise you'll have a 6% penalty on the excess each year until the excess is corrected.
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