Question Regarding Roth IRA Over Contribution & MAGI

[Matt McElhone]

Hello All! I'm seeking some information about this subject. Last year I opened a Roth IRA with Fidelity and contributed the $7,000 max, forgetting I also have a Roth with Acorns which $1,400 was contributed to through weekly direct deposit.

I had been researching my options for this scenario, but now that I have my 2024 taxes squared away I've realized that my MAGI exceeds the limit for single filers. (I'm a Realtor and ended up making 2x what I usually do last year.)

Now I'm pretty confused on what my options are. Any advice on the best route to take would be greatly appreciated. Thanks in advance! 

[Matt McElhone]

Quote from @Jonathan Bock:

Sounds like you may become a backdoor man

 Haha yup that's what it's looking like! Do you know what the tax implications are with the backdoor?