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Old 02-04-2013, 09:45 PM
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ROTH IRA - contributed too much now what?

My wife and I got married in Sept 2012. We were both contributing 5,000 toward our ROTH IRAs. When I went to file my taxes this year an error occured for the ROTH IRA section as we make too much money combined and thus can't contribute to a ROTH IRA. I am at a loss for what I need to do in order to fix the issue. If I withdraw the 5,000 plus interest I am going to get charged a 10% fee for withdrawing too early. It looks like I will get penalized 6% if I fail to take action. What should I do?



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