The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Roth IRA - contributed too much||Date: 12/14/2000 3:03 PM|
|Author: mwgregory||Number: 26612 of 75340|
I contributed $2000 to my Roth at the beginning of 2000, but it is now looking like I might have more adjusted gross income than I expected, which would such a contribution not permitted. I understand from IRS 590 that I might be able to recharacterize the contribution to a regular IRA (non-deductible), as long as I also transfer any net income associated with that contribution.
I have a few questions:
*Can I recharaterize only a portion of the $2000 contribution (and a pro rated share of the net income), or do I have to recharaterize the entire amount?
*Would it be better to apply the excess contribution to a later year (as mentioned on page 38 of IRS 590).
*How much of a pain is this with the trustee (I use Schwab)?
Any advice on this would be appreciated.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|