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URL:  http://boards.fool.com/basically-i-discovered-that-i-was-not-eligible-16794853.aspx

Subject:  Re: HELP! Excess Contributions Date:  2/25/2002  12:59 PM
Author:  jtr56 Number:  33879 of 76384

(Basically, I discovered that I was not eligible to contribute any amount and I contributed the maximum amount, so we're looking at 2K here.)

I'm confused. If you contributed the 2K to a Roth, and now find you're not eligible for the Roth, you can "recharacterize" to a Traditional IRA. I don't think it's too late - I think you can do this until filing time. There would be no penalty for this - it is done thru your Roth custodian, and you wouldn't have to sell your stocks or do anything other than the recharacterization, which is just a paper transaction.

TMF Pixy - correct me if any of the above is wrong.

cheers!
jtr
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