Row 7484

Row ID: 7484 | Dataset Entry | Axioma AXP Content Repository

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This page contains data entry 7484 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Hello all - in August last year I funded a Roth IRA with the $6,500 max contribution for 2023. Was my first time doing so, and had just opened it. I invested it all and it’s at $7,499. I’ve sold all my positions so it’s now cash.

I had a good fall/winter, and went over the $153,000 income limit by the end of 2023.

I’ve filed a tax extension, so taxes aren’t filed yet, but trying to unravel this mess without getting in trouble.

What exactly do I need to do?

Schwab was not helpful over the phone. My accountant is absolutely useless. Can I pull the cash out now and just pay the normal tax on the gains? Or do I legally have to reclassify as an IRA now and I can’t touch it? I’d be fine just taking the $7,499 out, and putting it back to a HYSA for now.

For reference I already max out 401k.

FieldValue
text Hello all - in August last year I funded a Roth IRA with the $6,500 max contribution for 2023. Was my first time doing so, and had just opened it. I invested it all and it’s at $7,499. I’ve sold all my positions so it’s now cash. I had a good fall/winter, and went over the $153,000 income limit by the end of 2023. I’ve filed a tax extension, so taxes aren’t filed yet, but trying to unravel this mess without getting in trouble. What exactly do I need to do? Schwab was not helpful over the ph…
label r/investing
dataType post
communityName r/investing
datetime 2024-05-16
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url_encoded Z0FBQUFBQm5Lak9IMmNxaEdoNXU0N29jblhReUM1VGpBaWQ2N2pWUkZyNzR1ekZkcVlBUGRPQ3d5RGFyT294ZG9qeUtjX2VYeGZaUGtMNEV3Y1RBRXNkT3habWVTUEh4SEg4a0FNd3dzUHZ6cjJWUUZudTJUOWlPTWRoMF9WcThBWXlxbGFmVDZueEkxZXdLTkl5N3ZkWHFkN29VZHFWY2U1aWVhX3FPcExURlprd3JHTFRJaUIzSUdVUG5oOVJ3VFF3bTV5Nl9VM0Zjd2Jhc2VzSFNUMkl0YVN2bEFuODBRdz09

Raw Record

{
  "text": "Hello all - in August last year I funded a Roth IRA with the $6,500 max contribution for 2023. Was my first time doing so, and had just opened it. I invested it all and it’s at $7,499. I’ve sold all my positions so it’s now cash.\n\nI had a good fall/winter, and went over the $153,000 income limit by the end of 2023.\n\nI’ve filed a tax extension, so taxes aren’t filed yet, but trying to unravel this mess without getting in trouble.\n\nWhat exactly do I need to do? \n\nSchwab was not helpful over the phone. My accountant is absolutely useless. Can I pull the cash out now and just pay the normal tax on the gains? Or do I legally have to reclassify as an IRA now and I can’t touch it? I’d be fine just taking the $7,499 out, and putting it back to a HYSA for now.\n\nFor reference I already max out 401k.",
  "label": "r/investing",
  "dataType": "post",
  "communityName": "r/investing",
  "datetime": "2024-05-16",
  "username_encoded": "Z0FBQUFBQm5LakwzcThlUFZva3VQVUs0TF92eS1YY0dVSENSaWlLY0ZEWDVvdTRfal8yM1pYOVBGTy1LRTFkTUpFX0loUVp2RnBQTEZnY3pFQWdtRHd1ZkxIUUFfODR4LVE9PQ==",
  "url_encoded": "Z0FBQUFBQm5Lak9IMmNxaEdoNXU0N29jblhReUM1VGpBaWQ2N2pWUkZyNzR1ekZkcVlBUGRPQ3d5RGFyT294ZG9qeUtjX2VYeGZaUGtMNEV3Y1RBRXNkT3habWVTUEh4SEg4a0FNd3dzUHZ6cjJWUUZudTJUOWlPTWRoMF9WcThBWXlxbGFmVDZueEkxZXdLTkl5N3ZkWHFkN29VZHFWY2U1aWVhX3FPcExURlprd3JHTFRJaUIzSUdVUG5oOVJ3VFF3bTV5Nl9VM0Zjd2Jhc2VzSFNUMkl0YVN2bEFuODBRdz09"
}
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