Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I just looked more closely at Form 5329 Part IV. It looks like I can pay a 6% penalty for the $3000 excess Roth contribution this year, contribute nothing to Roth for tax year 2004, and in essence apply my excess contribution for 2003 to 2004. Am I correct on this? If it is so, is that a better deal than withdrawing the contributions+ earning, or recharacterizing it to a nondeductible traditional IRA (a.k.a. headache)?

<more headaches>
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.