Hi all, sorry if this has been asked a million times.
I have a Roth IRA but I recently got a new job making $130,000
I understand the contribution limit starts to phase in at $117,000 for 2016.
I believe the Roth contribution limit based on modified AGI but I am unsure how to calculate that.
I max out my 403(b) (on track for ~$18,000 before my employers contribution) so that should keep my income below the threshold, but I don't want to be penalized for over-contributing to my Roth.
If it is relevant, I just moved my old 403b from a previous job (high-fees and bad funds) to a Vanguard Traditional IRA account, if that matters, but I do not contribute to it because I am not eligible (employer offers retirement plan, which I understand is one of the disqualifiers)
Second question, what happens if i miscalculate and over contribute?
Thank you mustachians!