You can avoid the penalty if you have your IRA administrator move your 2014 Roth IRA contributions into a traditional IRA. By Kimberly Lankford, Contributing Editor From Kiplinger's Personal Finance, October 2014 I contribute monthly to a Roth IRA. My wife and I just realized that our joint income will exceed the $191,000 limit for Roths this year. What should we do? --L.R., Simi Valley, Calif.See Also: 10 Things You Must Know About Roth IRAs You can avoid the 6% penalty on the money you contributed if you take your 2014 contributions (and any earnings on them) out of the Roth before the tax-filing deadline on April 15, 2015 (or October 15, 2015, if you file an extension). The contributions you withdraw are tax-free, but you must include the earnings as income for 2014. You can also avoid the penalty and taxes if you have your IRA administrator move your 2014 Roth IRA contributions (plus all the earnings on that money) into a traditional IRA by October 15, 2015. Got a question? Ask Kim at firstname.lastname@example.org.