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IRA Excess Contributions:
http://www.irs.gov/publications/p590/ch01.html#d0e7378

Basically, you have to take it out. Of course you can't deduct any money from your tax return that you takeout. You also have to take out any earnings on that money, and pay taxes on that.

If you won't have any earned income in 2006, then you won't be eligible to to contribute for your IRA in 2006 either.

I would read up on it a little yourself, and then call your brokerage for help. Or read up on it a lot and do it yourself :)
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