Contributions for Roth IRAs can be made through April 15 of the following year. Without getting into philosophical arguments about dollar cost averaging, my general principle has been to put the money into the market as early as possible. Since I can contribute the money on January 1st of the tax year, I have done this religiously.
As my career and income have gone up I have been mindful to only contribute the phase out limits. Unfortunately, I had the good fortune to receive a larger than expected bonus and a larger than expected raise this year, and I will now run afoul of the AGI limits on Roth IRAs.
Before asking my brokerage firm, I would like to get some input as to the best course of action. I am afraid I created a headache for myself. I have learned my lesson and in the future will contribute the money in the following tax year since my salary is now variable to some degree. So my actual question is: How do I self report this problem and how is it possible to undo Roth IRA contributions?