I have an standard IRA through work and an additional Roth IRA. I split my contributions between the two accounts. I understand the max contributions to the accounts combined is 5,500 per year. A low risk "safe" investment option in my Roth IRA is giving back ~ 4%. The return on my savings account is barely 1%.
I currently have extra money (outside of emergency fund) I would like to invest in something with low risk and fairly liquid in case of a extreme emergency. Is it possible and does it make any sense to add more than the maximum to my Roth and then withdraw that amount prior to filing that years' taxes? Say, if I added a total of $20,000 to the Roth. Are there better ways to make use of this money, given I have no outstanding debt?