My income is around that, although I guess I wouldn't hit the limit due to maxing my 401K.
What would happen if I contributed too much to an IRA one year? Would I have to pay a penalty during tax season? Would I get the difference back in cash?
https://www.fool.com/investing/2022/01/21/you-can-still-do-a...
Is that confirmed? I was holding off on doing my backdoor Roth because it seemed like no one was really sure what was going to happen if BBB passes. Most people figure that it would at least take effect in 2023 instead of the original intent of 2022, but as far as I know, it wasn't actually changed.
The 10 year rule applies to a traditional -> roth conversion to high income earners.
"If you contributed to a Roth when you made too much to qualify—or if you contributed more than you’re allowed to either IRA—you’ve made an excess contribution. That contribution is subject to a 6% tax penalty"