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URL:  http://boards.fool.com/basically-i-discovered-that-i-was-not-eligible-16794875.aspx

Subject:  Re: HELP! Excess Contributions Date:  2/25/2002  1:05 PM
Author:  Charlie48K Number:  33880 of 75791

(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.)

If you didn't qualify in 2001, are you sure you will on 2002? If you don't it's another 6% penalty. If you don't want to withdraw the funds, consider a recharacterization to a traditional IRA. It may not be deductible but it gets rid of the penalty and you can always contribute extra funds to a Roth in 2002.

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