Roth IRA questions

[MiikeB]

With the Roth IRA income limits, is that based on AGI?

I am currently contracting overseas in Afghanistan and make over the limit, I get a ~$92,000 tax exemption for being out of the country for 330 out of 365 days. If that exemption puts me under the limit, can I still contribute?

Also, it will be close depending on how much OT I work. What happens if I put $5k in a Roth IRA then later realize my AGI was too high?

[disneysteve]

Amount of Roth IRA Contributions That You Can Make for 2012

The contribution is based on modified AGI.

If you inadvertently overfund your Roth, I believe you can take out the excess without penalty if you do it by the filing deadline.

[MiikeB]

Thanks. Do you know if I get a filing extension if that also extends the time I have to fund the Roth?

Currently have a 2 month extension, don't plan on filing until the beginning of June.