truthbtold
Member
What is the name of your state? NJ
My girlfriend and I both funded our Roth IRAs January 2006. We got married in February 2006. I have found that there is such a thing as the "marriage penalty"! If we were still single, our contributions would be good. Since we got married, we have found that our income for 2006 is "over the limit" to contribute for 2006. We have halted further contributions and did not make a 2007 contribution.
What is the likelihood that if we don't withdraw the 2006 contribution and earnings on such that IRS will catch it? It would be a bit of a hassle to withdraw, as we made many small stock purchases that would be subject to numerous commissions on the sales. Also, if the likelihood is rather high that it gets noticed, must the situation be rectified by Oct. 15 to avoid the excise tax (we filed an extension)? Thanks for any advice!What is the name of your state?What is the name of your state?
My girlfriend and I both funded our Roth IRAs January 2006. We got married in February 2006. I have found that there is such a thing as the "marriage penalty"! If we were still single, our contributions would be good. Since we got married, we have found that our income for 2006 is "over the limit" to contribute for 2006. We have halted further contributions and did not make a 2007 contribution.
What is the likelihood that if we don't withdraw the 2006 contribution and earnings on such that IRS will catch it? It would be a bit of a hassle to withdraw, as we made many small stock purchases that would be subject to numerous commissions on the sales. Also, if the likelihood is rather high that it gets noticed, must the situation be rectified by Oct. 15 to avoid the excise tax (we filed an extension)? Thanks for any advice!What is the name of your state?What is the name of your state?