If I make a maximum Roth IRA contribution and later need to withdraw the contribution in the same tax year, am I prohibited from funding my IRA for the remainder of the year?

[Guest roth_man]

Hi,

If I make a maximum ROTH contribution and later need to withdraw the contribution, in the same tax year, am I prohibited from funding my IRA for the remainder of the year?

TIA

[BPickerCPA]

Yes. Once you've contributed the maximum, you cannot make any further contributions.

[dh003i]

So, in the future, you might want to wait until near the end of the year before your contribute, if that's a concern (though you then forfeit the advantages of dollar-cost averaging).