No, dwiebking. You would be best off contributing to a (non-deductible) Traditional IRA and then immediately converting to a Roth IRA. That way you can contribute the full amount; there is no income limit (thus no over-contribution penalty), and it behaves exactly like a Roth IRA (assuming you don't have any existing deductible Traditional IRAs).
Quote:
Originally Posted by dwiebking  You make too much money. Over 169,000, the contribution starts to be limited. Above 179,000 and you can no longer contribute. Subject to a 6% penalty for over contribution. I just ran into the same issue. $300....which happens to be the 6%. Bummer :-(
You can find this by clicking on the "Explain this" at the beginning of the Roth wizard in turbo tax.
Although, I am thinking I may be better off paying the penalty each year than not contributing......will need to do the math on that one. |