Question on Income Limits

[Guest Emom4321]

I haven't been able to find the answer to this question. What happens if you are not expecting to be above the income limit for a Roth IRA but after you have funded one for the year you find that your income has gone over the limit? Thanks for any help.

[Appleby]

You can do either of the following:

1) Recharacterize the contribution to a Traditional IRA contribution. The effect will be as if you made the contribution to your traditional IRA for tax purposes

2) Remove the contribution as a ‘return of excess’ contribution

See Publication 590 for details

[Guest Emom4321]

Thank You, I really appreciate it.