02-17-2004, 12:56 AM
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 Re: Excess Roth IRA contributions.. Manish Pandya wrote: - quote - > I am filing joint returns and my spouse had an excess
Yes.> contribution of $3000 in the last years (2002) return. We > paid a penalty of $180. I figured it will be a one-time > penalty and I am okay with that. Now, I have been reading > that the penalty is due every year until the excess > contribution issue is fixed. Is that true? - quote - > Does not contributing to the Roth IRA this year (even if
Yes, it CAN fix it. You would have to be eligible to have> eligible for the same amount) fix the problem? Do I really > have to withdraw the $3000 from my Roth IRA? put in the full amount of the excess and not do so in order for it to actually fix it. If you were NOT eligible, then it is not fixed and you have another excess penalty year. - quote - > I have been using TaxCut s/w and it seems to suggest that I
No.> would not have to pay any penalty this year(2003) if my > spouse did not make a Roth contribution this year(2003). > Does this mean that the contribution for 2002 gets assigned > to 2003? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-15-2004, 04:22 AM
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| Excess Roth IRA contributions.. I am filing joint returns and my spouse had an excess contribution of $3000 in the last years (2002) return. We paid a penalty of $180. I figured it will be a one-time penalty and I am okay with that. Now, I have been reading that the penalty is due every year until the excess contribution issue is fixed. Is that true? Does not contributing to the Roth IRA this year (even if eligible for the same amount) fix the problem? Do I really have to withdraw the $3000 from my Roth IRA? I have been using TaxCut s/w and it seems to suggest that I would not have to pay any penalty this year(2003) if my spouse did not make a Roth contribution this year(2003). Does this mean that the contribution for 2002 gets assigned to 2003? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| contributions, excess, ira, roth |
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