The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing

URL:  http://boards.fool.com/i-now-have-a-roth-ira-with-2000-from-1998-2000-11659988.aspx

Subject:  Re: 1999 Roth Contribution Disallowed Date:  12/14/1999  8:55 PM
Author:  Melman Number:  16317 of 78166

I now have a Roth IRA with $2000 from 1998, $2000 from 1999, plus interest earned from April until today.

Now the problem. My 1999 AGI is above the cap, so my 1999 Roth contribution is disallowed. How do I undo my 1999 contribution and what (if any) penalties will I owe?

Any help appreciated. My accountant doesn't know the exact procedure and I want to act before 12/31/99.


I have the same "problem". You might want to look at