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My wife filled her year 2000 IRA before our taxes were completed. Because we made more than 50K and she's eligible for at work retirement plan, our accountant says we can only deduct $1190 of her contribution. What happens to the remaining $810? Can we convert that to a Roth? Are penalized for overpayment? Is the extra contribution and earnings still taxable at withdrawal? We haven't found the right answer yet. Can any of you help with some advice?
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