Hi-
Just opened Roth IRA’s for both my non working wife and I this year. I have contributed about $1200 directly to each so far this year and invested in FXAIX. I just received a good promotion and it looks like I will be making over the $240,000 limit this year.
I know going forward to use the backdoor ROTH method however what penalties will I be looking at or what can I do to avoid any penalties being the same year?
Thanks.
original posted by Richard-Wrecker to r/personalfinance on Tue, 05 Mar 2024 17:02:14 GMT.