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#1
04-10-2006, 05:38 AM
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 Re: ROTH Excess Contributions wwolfe wrote: - quote - > I inadvertantyl contributed an excess to my Roth IRA in
Have the excess reclassified as your contribution (or part> 2004. I paid the amount calculated on the 5329. I realized > this year that this rolls forward every year. I spoke with > the IRS folks and they said I can pull out the excess plus > earing contributed on 2004, but the mechanics are very > vague. Can someone advise? thereof) for 2005. That absorbs the "roll forward" you were worried about. Note that if your excess was put in FOR 2004 in 2005, all you have to do is have your IRA custodian recharacterize it on paper and all is well. If you really did put the excess in during 2004, then it's a bit more complicated. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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04-05-2006, 07:53 AM
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| Re: ROTH Excess Contributions "wwolfe" <william.wolfe[at]ieee.org> wrote: - quote - > I inadvertantyl contributed an excess to my Roth IRA in
Just call the custodian and tell them what you need to do.> 2004. I paid the amount calculated on the 5329. I realized > this year that this rolls forward every year. I spoke with > the IRS folks and they said I can pull out the excess plus > earing contributed on 2004, but the mechanics are very > vague. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
04-04-2006, 07:39 AM
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| ROTH Excess Contributions I inadvertantyl contributed an excess to my Roth IRA in 2004. I paid the amount calculated on the 5329. I realized this year that this rolls forward every year. I spoke with the IRS folks and they said I can pull out the excess plus earing contributed on 2004, but the mechanics are very vague. Can someone advise? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| contributions, excess, roth |
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