In article <eyqdb.449588$cF.144774[at]rwcrnsc53> , "Kalvin McCormick"
<kalvinmccormick[at]hotmail.com> writes:

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You aren't in trouble with the IRS yet.

Fidelity can tell you what your options are. Generally, you have two choices,
but you will have to do one of them before filing your Year 2003 federal tax
returns:

1. You can ask for return of the excess contributions and any related earnings.
The return of earnings will be taxable.

2. You can recharacterize the excess contributions as a non-deductible
Traditional IRA contributions. While non-deductible Traditional IRA
contributions won't help your tax situation this year, it is a good place for
tax-inefficient investments (e.g., bond funds other than municipal bond funds,
REITs, or even stock funds with high turnover).

Your Roth IRA custodian should be able to assist with either option.

Mark A. Young

It's really easy. Just call Fidelity and explain your problem. They'll
back the Roth contributions out just as if you had made the investment
in a non-IRA account.

Dave

"Kalvin McCormick" <kalvinmccormick[at]hotmail.com> wrote in message news:<eyqdb.449588$cF.144774[at]rwcrnsc53> ...
- quote -

call fidelity on Monday and ask them for a return of excess contribution
form...

"Kalvin McCormick" <kalvinmccormick[at]hotmail.com> wrote in message
news:eyqdb.449588$cF.144774[at]rwcrnsc53...
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My wife and I both contributed the max to our roth IRA earlier this year.
Here is my problem: My wife and I are going to make between $155,000 and
$160,000 this year net after taxes and max contributions to 401k's. This
means I could not contribute the full $3000 to each roth IRA. What will
happen since I already did this. Am I in trouble with the IRS? Both of our
roth IRAs are with FIdelity. The money has also has a gain for the year in
stocks. What do I need to do?
thanks Kalivn