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Subject:  Roth IRA Excess Contributions Date:  4/4/2001  9:54 AM
Author:  irosenheim Number:  49566 of 127753

I'm hoping someone out there can answer this for me:

My wife and I each have Roth IRA's which we set up in June of 1999. Our income was too high in 2000 to qualify us for the Roth IRA, so we ended up having to pay taxes on the excess contributions made to the Roths (which was everything contributed in 2000). Must I now take a full distribution on both of our Roths and "close them out"? Is there a deadline that I must do this by? Will I pay taxes again on the distributions?

Thanks in advance for any help you can offer!
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