Can’t Contribute to Fidelity Roth IRA After Withdrawals
Summary of User Concern and Solutions:
- Main Problem: The user, Nick, is unable to add money back to his Roth IRA after making a withdrawal because he has already reached the contribution limit of $7,000 for the year.
- The Fidelity representatives confirmed that withdrawals from a Roth IRA do not reset the contribution limit for the year.
- Nick will need to wait until the next contribution year to add any funds back into his Roth IRA.
Here’s the full thread
I had to withdraw x money out of my Roth for various reasons and wanted to add back what I withdrew. I was wondering how to do this as it’s not allowing me to add anything to it right now. Thanks
Hi, @Nick. Thanks for reaching out and happy Friday!
If you have already reached your contribution limit of $7,000 for 2024, you can not put any funds back into your Roth IRA.
As a reminder, when you contribute to a Roth IRA, it counts toward the annual contribution limit for the year. If you then take a withdrawal, that does not reset your allowed contribution limit for the year. Contributions and withdrawals are separate reportable events. Because of this, once you hit the maximum contribution limit for the year, you are not allowed to contribute anymore, even after withdrawing funds.
Contributing to your IRA: https://www.fidelity.com/building-savings/learn-about-iras/contributing-to-ira
Please let us know if you have not reached your contribution limit or have any other questions. 🟢
I have already reached the 7k, but took some out. So regardless I cannot put some back in until next contribution year?
That is correct, @Nick.
As we mentioned above, withdrawing from your Roth IRA doesn’t undo the contributions made or “reset” the contribution limit for the year. Once you’ve reached your contribution limit, you will need to wait until the next year to contribute.
If we can clarify anything else, please let us know. 🟢
Thank you so much for responding!
You’re so welcome. Thanks again for reaching out! Stop by anytime with your questions. 🟢