I put in the maximum $6000 for 2020 into my Roth IRA.  Now I realize that the household income was over the maximum and I was not allowed to put in for 2020.

 

Is the best solution withdrawing the $6000 + earnings from 2020?  

I've also been told about a backdoor Roth IRA that I can withdraw the 2020 money, put it in a traditional IRA, and then roll it over to a Roth??  Is this allowed?  Can it be done every year?

 

Thanks for helping someone who tried to be good and put money into Roth but was apparently clueless about how to go about it!

1 REPLY

@LVGKnights, thank you for your inquiry. I will route your questions to the appropriate team for review. Thank you. - Rhonda