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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: F/UP TMFPMarti, IRA Excess Contrib Date: 3/3/2008 5:49 PM
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I'm curious as to why you suggest using the Code1 for IRA distribution. Since all I have is Roth IRAs and if this is not going to show to the IRS.

Because I knew it would generate the penalty on the positive earnings and I didn't know what the code for a corrective distribution of an excess Roth distribution before the due date was. If you want to look it up, check Form 1099-R.

When all of this is said and done for 2007, what happens when Fidelity sends me a 1099-R in 2008 next year.

It should be coded as a timely distribution of a 2007 excess contribution taxable in 2007.

Phil
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