Tax Experts - Roth IRA issue (1 Viewer)

[JuniorGong]

So apparently my wife had a Roth IRA set up for her a long time ago before we were married. She hadn't been contributing to it for a while but apparently decided to make regular contributions to it last year. Well, our CPA just got done with our taxes and we were not eligible to make contributions to a Roth due to income restrictions. The CPA said to go back to whoever was administering the Roth and see what they advise. It is through Oppenheimer but of course my wife has no info on a contact person and suddenly can't seem to find her online log in information. 

Any tax guys know the implications here? 

 

[belljr]

So apparently my wife had a Roth IRA set up for her a long time ago before we were married. She hadn't been contributing to it for a while but apparently decided to make regular contributions to it last year. Well, our CPA just got done with our taxes and we were not eligible to make contributions to a Roth due to income restrictions. The CPA said to go back to whoever was administering the Roth and see what they advise. It is through Oppenheimer but of course my wife has no info on a contact person and suddenly can't seem to find her online log in information. 

Any tax guys know the implications here? 

You'll pay a penalty if you don't withdrawal your contributions. Your allowed to withdrawal your contributions with no penalty

oh and

LOOK AT ME MY WIFE MAKES BOATLOADS!#@!@#

 

[JuniorGong]

You'll pay a penalty if you don't withdrawal your contributions

oh and

LOOK AT ME MY WIFE MAKES BOATLOADS!#@!@#

Thanks, will need to get on that quickly.

I wish my wife made boatloads

 

[belljr]

ETA: That's what I was able to do.  I don't think the laws have changed in the past few years regarding that