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If "it's as if the contribution were never made," then how can I have income/loss from an IRA? I didn't have one, right? I would think the income/loss is as if the money was invested in a non-IRA. What am I missing here?

Let me rephrase: it's as if the excess contribution were never made. All we were talking about there was the excess, not the total contribution. Does that help?

Phil Marti
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