I maxed my Roth IRA earlier this year.. So–

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  • #86873 Reply

      I earn slightly less than the limit. I may get a job offer with a much higher salary this month. What will happen with my Roth IRA if my new salary is more then the limit?

      #86874 Reply

        Can you lower your AGI by increasing your pre-tax 401k contributions? I’m above but with the pre-tax it brings me low enough to max the Roth IRA.

        Your current funds will stay in the Roth IRA, you just can’t contribute anymore if you’re over the income limit.

        #86875 Reply

          Contact you brokerage. They will help you. This happens all the time.

          #86876 Reply

            you should pull your contributions out and just do a backdoor Roth. and if you’re right under the limit now, you’re still only allowed to contribute a percentage and shouldn’t be doing the full $6500.

            #86877 Reply

              Nothing …you can also still.
              Backdoor it and make contributions each year.

              #86878 Reply

                If you’re over the limit to contribute to a Roth IRA directly you’ll generally want to re-characterize to traditional and do a backdoor Roth IRA.

                Just be aware of pro rata rules.

                Don’t forget to take a look at: Any suggestion on how to diversify within my Roth IRA?

                #86879 Reply

                  In Vanguard, you can re-classify contributions from 2023 to 2024 (starting 1/1/24), not sure if that helps but gives you more options.

                  Who knows, you might still be under the income threshold with standard deductions and any other eligible deductions you make this calendar year.

                  #86880 Reply
                  David M.

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