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If you are a single filer and if your modified adjusted gross income exceeds $110K, then you may no longer make a contribution to a Roth IRA. ... As to the contributions you have already made, they may remain in the Roth IRA and continue to grow untaxed.


Both assertions cannot be true, can they? ;-) I have already contributed 3K to my Roth for 2002. I've been told that if my 2002 income exceeds 110K then I'll need to go "back" and "recharacterize" the contribution to change it from a Roth contribution into a regular IRA contribution.

Suddenly I have a keener appreciation for why someone might want to wait until 2003 before making their 2002 IRA contribution. <g>

-john in Ithaca
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