ROTH IRA INCOME LIMITS REMOVED | How to do a Backdoor Roth IRA Step-by-Step Tutorial

[@TechVidGuy]

Wow.. I'm just stunned by how simple and clear the explanation was. So many other KZbinrs make this seem so unnecessarily complicated. Thank you Erika for being honest and actually giving people the information they need to be successful. You just got a subscribe from me! Keep the content coming!

[@tarzan12345]

Very informative video. Thanks Erika. I just went ahead and opened both Traditional IRA and Roth IRA for my wife and myself, and put $6000 in each Traditional IRA, for 2019 tax year. The next step will be the conversion process in a couple of days. We're recent immigrants so we have a late start and are trying to learn to get started as quickly as we can. It's never too late, I guess. We both have 401K from work and my coworker just told me about Roth IRA yesterday and after looking into it, I realized that we don't qualify because of the income limit. So I had to look into this backdoor thing. I'm so glad you put this video out today and we really appreciate your time and effort. It's very helpful.

[@Erika2]

Thank you for the lovely message! I'm glad you looked into the backdoor Roth and did it. I also agree that it's never too late! Where'd you decide to open your Roth IRA?

[@tarzan12345]

@@Erika2 We decided to go with Fidelity, simply because they already has my wife's 401k so I could simply click and open the new accounts without having to fill in her info. Haha, not a great reason, I guess. But Fidelity seems to be recommended by many people so I hope we'll be fine.

[@Erika2]

@@tarzan12345 I've heard great things about Fidelity--I'm sure you won't have any issues with them!

[@AriesQfactor]

Thank you Erika. Your presentation and PDF gave me enough understanding to start this process. I would say your most notable bullet for understanding was the simple rinse and repeat portion. I hadn’t seen anyone else represent how to continue beyond a one and done example! 👍

[@MaMa-qh4dy]

This issue FINALLY explained in “clear” English. Thank you Erika!!!

[@Erika2]

Thank you! I'm so happy to hear that!

[@Erika2]

Want to download the free "Backdoor Roth IRA Guide" PDF mentioned in the video? Link is in the description above. *Please NOTE: When you repeat the Backdoor Roth IRA next year, you can skip steps 1 and 3, since your Traditional IRA and Roth IRA accounts will already be opened.* Thank you!

[@FJUWANA]

Few months back my friend very discourage because he could not open Roth because his income just above the limit, but with this he definitely has opportunity. Thank you Erika!

[@amys2311]

I've seen so many articles on this topic but this is by far the clearest explanation!

[@Melongyoulongtime]

This was by far the best step by step that I have seen. You have a bright future on KZbin!

[@Erika2]

Appreciate you saying that!

[@keithmachado-pp6fv]

Great video. The pro rata rule described at end is important. Here is an example and one other point. 1. If you already have an IRA with pre tax contributions, when you convert to Roth the IRS will pro rate. For example if you already have $6k in a pre tax IRA and add $6k in after tax and then convert the max $6k to Roth the IRS will say $3k was from pre tax and $3k from after tax so you will need to pay tax on $3k. 2. You mention converting as soon as the funds are in the IRA. Although the back door Roth is legal, there is something called a step transaction that is not allowed. Essentially if it was clear the only reason you made the traditional deposit was to immediately convert to Roth that is considered a step transaction. Best to let a few days or weeks go by maybe one statement cycle.

[@InstrumentPlayer]

Finally a video that walks me through the steps on how to compete this. I was about to Johore someone to do this for me. Thanks

[@cherrytoledo1902]

Thank you so much Erika! There are so many vloggers out there discussing about back door ira but I think you are the only one who provided the step by step guide and its soooo much helpful. Your investment course you launched few months ago helped me understand how to start to invest. Thank you so much!!!

[@laurie1412]

I just realized once i got my w2 that I was over the limit which I never thought I would be. I had to take all my contributions out of my roth which frustrated me since right now I don't have access to an employer 401k. but now that I know this I can try it! I hope I can do it before filing my taxes that way I can fully fund 2022 ira! thank u for the info

[@Erika2]

Last time I asked if we could get to 40 thumbs up and you gave me 60!! (THANK YOU!!). Can we get to 70 thumbs up for this video?! :)

[@jonnfrankcoizvillafranca3296]

Hi! So in case i opened roth ira first then doing investing for a yr then whe i filed my tax, the tax preparer mentioned i should withdraw the money i put in coz i have a higher salary bracket. How do i do that conversion?

[@alexandruulici-buyingfreed9118]

This was very informative and straightforward! Awesome, Erika!

[@Erika2]

Thank you!

[@wendyuyennguyen]

This is so helpful. Your channel deserves more views and subscribers !!!!

[@Erika2]

Thank you Wendy!! Really appreciate that :)

[@jeffwrightslc]

Great content!l Another great completely legal 'trick' is to organize your own business life so you can create a SEP for self employed people. It won't work for everyone but with a little planning it can work for many. Oh you are ahead of me. Maybe I should have watched to the end before commenting. LOL I loved the ending where you gave the heads up that 'you will regret not doing this planning now' THAT IS COMPLETELY TRUE! I love watching your videos.

[@Erika2]

Thank you Jeff!

[@jermaineboyd6594]

Its ok I had some issues with streaming her video..I was tempted to comment but I can't in til I get it resolve so I can watched the whole video.

[@Creative7inc]

Super easy to follow tutorial that is still full of great information and insight! Thanks for sharing Erika

[@Erika2]

Thank you so much!

[@bradrutkowski1077]

SO helpful without fluff! Thank you very much!

[@jermaineboyd6594]

Thinks Ericka for this info...I had streaming issues earlier today but since I made it home with WiFi I can watched the whole video.

[@Erika2]

HI Jermaine! hmm I actually had streaming issues when I first tried to watch. I wonder if that's a youtube issue or an issue with video. Thank you for watching :)

[@jermaineboyd6594]

@@Erika2 Humm looks like I'm not the only one having this issue with your video..I like to think its a you tube problem but any way with that issue resolve I like the ideal of a Roth IRA I already file my 2019 taxes..I heard of Roth IRA a few mouths ago last year but wasn't sure how to get started.

[@Erika2]

@@jermaineboyd6594 The Roth IRA is a terrific investment vehicle--I definitely recommend you look into it to see if it fits your needs!

[@billyrayvalentine5079]

When you do this for the following year, can you combine the new Roth IRA into you current Roth IRA? I would assume you can because I really do not want a bunch of Roth IRAs to manage.

[@rogerfurr4325]

That was a wonderful and simple video. Best on this subject ice come across so far..thank you!!!

[@rupambhar7051]

I have been doing this since 2010. Best thing I ever did!

[@Erika2]

Wow, you were one of the early ones!

[@rupambhar7051]

Erika Kullberg: Finance, Investing, Passive Income Yes, back in the early days, there was a lot of legal uncertainty at the time. But, I figured the worse that would happen is having to pay some tax penalties. But, I love the Roth IRA and have most of my net worth wrapped up in this investment vehicle. Hopefully, my retired self thanks me!

[@Erika2]

@@rupambhar7051 Your retired self definitely will! Do you also take advantage of an HSA?

[@rupambhar7051]

Erika Kullberg: Finance, Investing, Passive Income Unfortunately, my employer doesn’t offer this option.

[@Erika2]

@@rupambhar7051 I also haven't been able to take advantage because of the insurance plan I have, but hear incredible things about the HSA.

[@tacrewgirl]

Thanks for the easy to follow steps. Seriously.

[@peter8708]

Note the following two five year rules when doing this - may be worth updating your documentation to reflect these limitations The five-year rule states that in most cases-even if you’re over 59 ½-you generally cannot withdraw Roth IRA earnings free of taxes and penalties unless your first contribution to a Roth account was made at least five years ago. You’re usually allowed to withdraw contributions from your Roth IRA at any time, free of penalties or taxes. There is a second five-year rule, however, for backdoor Roth conversions. Because a backdoor Roth IRA is categorized as a conversion-not a contribution-you cannot access any of the funds held in the converted Roth IRA without penalty for the first five years after conversion. If you do a backdoor Roth IRA conversion every year, you must wait five years to tap each portion you convert. Otherwise you risk paying additional penalties on money that’s already been taxed. There are exceptions to this requirement, though, if you’re 59 ½ or older or if you become disabled or die

[@JoshBurnsTech]

Thanks Erika!

[@colincheek4581]

I forgot it was Tuesday 🤯🤯🥴 late game gang where you at? So if you didn’t make that amount of money you’d just stick to the Roth or traditional? Or I guess it probably depends on what disposable income you have. So if you were making $30K but had low enough expenses to the point where you had more than $6000 of disposable income you could put towards a backdoor IRA I suppose it could really be a viable option for anyone. Are there any taxes that are different over in Japan than in the US? Are you taxed heavier or lighter in certain areas? I love the short, sweet crash course type of financial playlist you have going! Much easier to take time to watch than the videos that are 1.5x-2x the length! You’re speaking sounds a lot smoother and more free by the way! Keep it up!

[@Erika2]

YAYYY thanks for the awesome feedback. Always love getting your comments--glad my speaking is improving. :). I'm actually not very familiar with taxes in Japan--I've always just had an accountant handle, haha. Correct, if you make less than the income limit, you can just contribute normally to the Roth IRA (there's also a phase out range).

[@JakeBroe]

Good video, but I am confused. People making over $139,000 are still eligible to contribute to a traditional IRA, just not ROTH? Likewise, you have to repeat this process every year, are you just creating multiple IRAs, or are you merging in to your original one every time?

[@Erika2]

I'm so sorry this wasn't clear. When you repeat the process the next year, you're skipping Step 1 (Open a Traditional IRA) and Step 3 (Open a Roth IRA), since your Traditional IRA and Roth IRA will already be opened (since you did these the first year; or maybe you already had them open previously). So every year, the additional $6,000 contribution just gets merged into the original Roth IRA you created the first year. The process will look like this: THIS YEAR (2020) Fund Traditional IRA - $6,000. Move that $6,000 into the Roth IRA during the step where you convert Traditional IRA to Roth IRA. Now your Roth IRA has $6,000 in it; your Traditional IRA has $0. Most of the year, your Traditional IRA will just sit with $0 in the account. The FOLLOWING YEAR (2021) Fund Traditional IRA - $6,000. Move that $6,000 into the Roth IRA during the step where you convert Traditional IRA to Roth IRA. Your Roth IRA already has $6,000+growth in it from 2020, so add the additional $6,000 contribution and now it'll have a total of $12,000+growth. Traditional IRA has $0.

[@Erika2]

"People making over $139,000 are still eligible to contribute to a traditional IRA, just not ROTH?" - The answer to this: Correct. There's no income limit to contribute to a traditional IRA, but there are income limits for tax-deductible contributions. So basically, yes, you can contribute to a traditional IRA, but it won't be a tax-deductible contribution (if your income is high enough that you need to do the "Backdoor" Roth IRA). This is why you see that in Step 4 when I do the conversion, the "you're liable for any taxes" doesn't apply, because you didn't take a tax deduction on the $6,000 you put into the Traditional IRA.

[@JakeBroe]

@@Erika2 , thanks for the replies! Also, you kind of gave it away in this video that you make over $139,000 a year. Congrats! ^_^

[@Erika2]

@@JakeBroe Thank you for asking those great questions! I'm sure others will have the same questions so it's helpful that I could clarify. Re: salary, haha, last year--yes; this year--I'll reveal in the video next Tuesday :)

[@lqw3844]

Do you have to wait a year after you roll your existing IRA into a 401k? Means, if I have an IRA, I roll it into my 401k, can I immediately do this backdoor? Or do I have to wait until next year?

[@jonathaninsall]

Thanks for the valuable insight, Erika!

[@jeffg6924]

I had to watch this video several times. Unfortunately, I am one of those guys who willfully ignorant of IRAs/Roth IRAs/401K, basically anything to do with retirement planning. My income puts me in the category where I am unable to contribute to a traditional Roth-IRA, at least so I believed. Erika, you did a great job on this one, probably the best to date. I'll have more questions on this coming, but will have to learn a bit more before asking.

[@Erika2]

Hi Jeffry, I'm REALLY happy to hear that it was helpful! My hope with this video was to convince at least 1 person to start this year, so you're going to be my 1 person! I know it seems like a lot, but it's actually quite easy. The only reason I broke it into so many steps is to minimize confusion, but I promise it'll be worth it. 2020 is the year to start! Doesn't matter that you've been willfully ignorant in the past (which, by the way, is a great way to describe what I was too). Once you get it done the first year, it's going to be so easy going forward since you'll get the hang of it. The PDF download is going to be helpful for you since it'll also link you to additional articles that I found really helpful to read while I was going through the process last year. As always, happy to try to answer any additional questions that pop up too! I'm so excited that you're going to do this!! Retirement you will thank you :)

[@jeffg6924]

@@Erika2 Honestly, I am so bad at keeping track of my retirement funds. There must be $100k floating around in different accounts that I've never merged. I keep telling myself im going to go through old taxes and call the companies that hosted the funds. Given that I've always put in the to max each company was willing to match, there must be quite a bit by now and your strategy makes sense. It's always bothered me how 10 years of gain can be wiped out over night and I've primarily focused on creating business profits to fund my retirement. If you could lay out some creative ways to manage a retirement fund beyond the typical stocks, I would be extremely interested.

[@Erika2]

@@jeffg6924 Maybe just set a day to figure out all of the different accounts? Tracking down all of those accounts is far from a glamorous task, but definitely needs to be done! I'm not really sure I have any creative ways to manage--I'm a pretty boring investor: low cost index funds.

[@jeffg6924]

@@Erika2 Low risk diversification isn't boring. You have to have something in your back pocket just incase the other ventures go south. Ericka, this week's video was good, interesting topic. I'm very surprised that there isn't more views and likes by now. I don't think it's the content or the work you put into it. Maybe everyone's distracted by the other news this week.

[@Erika2]

@@jeffg6924 Thank you! That's true, there's a lot going on in the world right now. I also think this video only applies to a certain subset of viewers. I wanted to do it anyways haha :P. Next Tuesday and the week after I'm hoping the videos will be more generally applicable. I'm going to do a passive income update next week, and then a "12 things I don't spend on" the following week.

[@unnepak1]

Hi Erika. Ur videos are amazing! Can u do a video between difference between traditional vs. Roth IRA? And does it matter if u live in a state that doesn’t tax income (Ex. Florida)?

[@ChrissyZayas]

Congrats on 200k! How amazing! I love your content!

[@Erika2]

Thank you!!

[@brittanimatthews3864]

You’re amazing. Thank you for what you do!

[@cristiandiaz8497]

Hi Erika, I currently have a Roth IRA that I opened a few years ago, however in 2023 my income will exceed the limit. Do I create a 2nd Roth IRA via the backdoor process? Or am I able to roll the Traditional IRA into my existing Roth? Thank you.

[@ginalove4907]

What do you mean settle. I added funds to my traditional ira and it’s there now. Doesn’t say anything about settling. Is this required.

[@idgafortunecookie3992]

If you’re married, do you have to file together or can you each do it individually?

[@Notthebottomofthetotempole]

Hi just curious do you have to make new accounts (traditional Ira and Roth IRA) every year? Or can you keep your accounts for the future?

[@ericacasella9786]

Thank you so much Erika! I’ve been wanting to do this but was putting it off for a while! 🙏🙏🙏

[@richlandzee8686]

If I have a previous employer's 401k rollover to Traditional IRA account which has been sitting idle, I should call my current employer's 401k plan administrator to have them perform a direct 100% rollover from Traditional IRA to their 401k to zero out this Traditional IRA without triggering a tax event before attempting Backdoor Roth IRA right? Since I also have an existing ROTH IRA in the same institution as Traditional IRA, I can now fund the zero balance Traditional IRA to its maximum limit through my bank direct wire transfer, wait a few days for it to clear, then do the Back Door ROTH IRA money transfer into this existing ROTH IRA. When I file taxes next year, the tax software program should be able to find and fill out the form 8606 for me. I can repeat the process every year.

[@lqw3844]

Woo, I wish I watched this video earlier! How did I not know this?!

[@justinoffutt7712]

Now make a video explaining the Roth 401K. That’s all I use from my workplace. My entire contribution for my wife and I is placed in a Roth 401k (14% of our Gross income) and it’s contributions limits are MUCH higher.

[@lillyinthefield2787]

So we should save up the 6.000 first ??

[@thejokerspeaks]

Thank you for the explanation, very informative!

[@PrestigeWorldWide777]

Clear and concise. Excellent.

[@ivystorm94]

Why do you have to repeat every year? Do you mean put money in it every year?

[@FREESPUR]

Very helpful! Great explanation of IRA options!

[@Erika2]

Thank you!

[@patrickbaboon]

Thanks for the info! A quick question - I already have a Roth IRA through my broker and have since stopped contributing due to the income limits. If I carry out this process for 20 years, does this mean that I will have 20 separate Roth IRA accounts for each year with my broker?

[@alrocky]

Q1 No. One Roth IRA account.

[@mdossous9]

so at the end of this video , won’t you end up with two Roth IRAs ?

[@brittanygriffin6609]

I still have so many questions. Does it have to be $6000 an what is the tax deferred money ?

[@whatthis4366]

You are my IRA queen! Thank you!🙏🏻

[@wesleywilliams1186]

Is my company funded pension a SEP? I'm a union electrician and I receive a pension through the union.

[@sachnguyen8018]

Thank you so much, Erika

[@alondrauhi]

So what if you start a ROTH IRA below the wage limit, but in a few years you are promoted or something and now your income surpasses the limit. Can you not contribute to your ROTH account anymore? How does that work?

[@alrocky]

you use back door Roth IRA process

[@CasperWest]

Question: I have a traditional IRA through my employer. Should I switch that into Roth so that I can have two Roths? Is that possible to have two Roths?

[@alrocky]

Employer typically offers 401(k) not IRA. You may have both Roth 401(k) and Roth IRA.

[@adaml2763]

Do you have to make a lump sum contribution or could you auto draft from pay check until you have max then do back door Also, does it matter what time of year you do this

[@chrisborak4867]

What about a Roth IRA I opened when I was younger and making less money?

[@adange11]

Love your videos !!!

[@TacoTrucc]

Great video!

[@zaheedislam]

Erika, If you are unsure if you will hit the Roth income limit or not, can you do backdoor conversion anyway? Or will it cause an issue at the time of tax return if your income ended up being below the income limit?

[@alrocky]

Q1 Yes Q2 No

[@Big_delta]

There's a lot of people who followed this advice and got hit with taxes and penalties

[@atu6089]

Thank you, never too late to invest. Much appreciated

[@duartehao]

So we have to open a new one every year 🙄?

[@meganbeams8752]

When you say "repeat every year" does this mean create a new Roth IRA every year or deposit $6k (or amount of choice) every year?

[@alrocky]

The latter.

[@Findjoyka]

Hi erika this is awesome thank you 😊

[@bskalyan2956]

After starting Roth IRA my income level raised ,,, so what happens to the money I contributed this year ? Shall I withdraw that money or leave as is ?

[@rueffjam144]

PDF ?

[@uwwsu]

what is the minimum earing for single person, in order to be qualified to put money into Roth ?

[@louiebeene5762]

Thanks, very detailed. Will check out the pdf. Kudos

[@tholm4307]

@ErikaKullberg so excited to find your channel! I just subscribed 😊 Question: my husband and I are an LLC and have always contributed to a SEP IRA maxing out every year. We do have traditional IRAs as well. Can we do a Roth Conversion ladder IN retirement? Does it make sense to do so? We are retiring in 3 years. I’ll be 64 and my husband 66. We will take SS income at that time and expect to get about $48,000 per year altogether. Thank you so much!

[@natep7425]

Erika, I had money in a 401K. When I quit that job, I converted it to a traditional IRA account. On the attachment you have, it says "You cannot have money that is tax-deferred in an IRA". Would that apply to my case as I am thinking of doing a backdoor ROTH IRA. Thank you.

[@channyavanzi5740]

I did the same. I am thinking about converting it to a ROTH as well. Seems a little complex. I hope they answer.

[@carlaespinel4639]

Should I open Roth if I qualify but I will exceed the limit in the next two years

[@kemchobhenchod]

Roths are a good idea if you are currently at a lower wage than you anticipate at 60 yrs old or if your wage will be exactly the same (assuming constant tax rates). Bad idea if the opposite.

[@matthewragudo]

I would sit through it! Lol. Downloaded the PDF. Thanks!

[@Erika2]

Just got your email! Handling it today :)

[@arvingarcia6953]

What about a pro rata rule? Would this affect my transfer to a Roth IRA?

[@arvingarcia6953]

I just read through your PDF. I got it - thanks

[@rocknrollcanneverdie3247]

How can you fund $6000 into the IRA from a bank transfer if this is for people who aren't qualified to do so? I thought you can only roll over money to it?

[@ehbarath]

Will I be able to convert to RothIRA if I have cash in Rollover IRA? I guess no? Because Rollover IRA is tax differed?

[@Jen-qb9cl]

Is this still applicable for 2023

[@littlebigchief-lbccrafting4315]

Erika what about people who need to pay the federal tax withholding percentage, how do you pay it without touching the money IRA? make payment out of pocket so the full $6000 is contributed.

[@TH-uq9zm]

I opened a traditional IRA and ready to convert but V won’t let me as it says no available accounts for conversion. It then takes me to a separate page to open a Roth IRA. Do I open a Roth first before clicking on the conversion? Please help! Thank you!

[@mrheyz]

where is the PDF?

[@leonardovidal6537]

Hi, Will the amount from a Backdoor Roth IRA count towards the annual 6000$ limit for Roth IRA? Or are we allowed to utilize this even if we've met the Roth IRA limit through normal contribution? Thank you!

[@KTXThrifts]

I am learning so much from you. Great job! Thank you!

[@Erika2]

Thank you!!

[@alfonsomunoz4424]

Darnit...I have money in a tax deferred traditional IRA. But yay! I make less than $130K annually. Erika, are you suggesting a separate Roth conversion every year? Or should we consolidate into one account?

[@Findjoyka]

I used to put toward roth ira but stopped due to limit so I changed to traditional. Wondering if I should have just left it there 🤔 since this backdoor is telling me now go from traditional to roth ira plus do tax stuff paper work. Hmm

[@CGAZ66]

yea ,I did not know this and now well i made to much for the year and have a roth ira I put money into....now what???

[@rayguzman5]

So that account will only be at 6k? I won’t be able to contribute more into that specific account ?

[@theshow1269]

Thank… great video!

[@applexiao369]

If I already contribute $6000 in my Roth IRA, can I still convert another $6000 from my traditional IRA to my Roth IRA? I guess not coz it will put my total over the $6000 limit, right? Can you clarify that for me? Thanks

[@louiebeene5762]

How do I fill out the 2020 AND 2021 contribution on the 8606 form. Why does my tax goes up according to H$R Block tax software, HELP please

[@rishindrareddy9165]

What are the contribution limits of backdoor roth ira ?

[@alrocky]

There is no limit on how much you can convert from traditional IRA to Roth IRA but maximum you may contribute to 2024 traditional IRA is $7,000 for those under 50..

[@kevinmeade2485]

Awesome video! One quick question. I may have missed this in the video, but did you say anywhere how many conversions you can do in one year? Say if i contribute $500 a month to my traditional IRA and convert that $500 monthly into my roth IRA. Is this something that is allowed? Or are you only allowed to do this once per year and have to put the full $6,000 amount into a traditional IRA and immediately transfer this into the roth IRA. Again, thank you so much for the video it greatly cleared things up!

[@Erika2]

Hi Kevin, great question! There's no limit to conversions--you can do $500 monthly if you want. For convenience though, most people I know that are at an income level that requires them to do this "backdoor" process just do it 1 time.

[@socialmotive]

Can I dump funds from a simple into Roth in the same fashion regardless of income? As a means to lessen future tax burden in retirement?

[@jasonramirez6961]

Hello. Great video. I have a question. I hear that you have to pay a conversion tax or fee to do a backdoor IRA. I'm assuming that's if you invest the money in the traditional IRA. Is that correct? Thanks in advance. Also, when does it not make sense to do a backdoor conversion, especially if I'm consistently going over the income threshold.

[@alrocky]

If you are consistently over the income limit for direct contribution to Roth IRA, you may as well contribute $6,500 to traditional IRA in January of every year and promptly convert that $6,500 t-IRA to $6,500 Roth IRA. Still need answer to your first question?

[@johntran9131]

Does this work for SEP IRA as well?

[@johnbrewer1569]

What if you make too little? For example what if you only made 3,000 in taxable income?

[@mszkathdee]

Do you recommend Roth IRA? If so can you do a video explaing Roth IRA, how it works etc?

[@mszkathdee]

I found it

[@osalas36]

So as long as I am using money from my checking which is money from my paycheck (which has already been taxed), it shouldn't trigger a taxable event right? I'm not doing this now as I'm still in school and won't be earning enough money to have to do this for another 7 years but just wondering.

[@amyhoang9140]

Hi Erika. I am currently on LT disability. I receive W-2 from my employer at year-end for my disability benefits. I have not had an IRA account and wondering if I am eligible to open a Roth IRA now. Would you please advise? Thanks.

[@MV-1227t]

How do your correct an excess contribution?

[@patrickcurran7940]

Erika, what if I already have a ROTH IRA that I have been contributing to, then become over income. Are the steps the same?

[@brittanygriffin6609]

I have the same question. Did you get yours answered?