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Subject:  Re: HELP! Excess Contributions Date:  2/26/2002  4:15 PM
Author:  jrr7 Number:  33889 of 88059

If I have to pay the penalty anyway, would it be a good idea to keep the money in for 2001 and make another full year's worth of contributions for 2002?

You have to pay the penalty each and every year that the excess contributions remain in the account, until you withdraw them or designate them for the current year (when it still has room left in it).
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