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Author: letranger One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: removing excess IRA contributions a year lat Date: 3/31/2000 7:49 PM
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Okay, I think I understand the source of my confusion now: after removing the excess contribution, I'm supposed to receive a 1099-R, aren't I? I just removed the excess this week, so I haven't received the 1099-R (yet), so I never entered that in my tax program, which is why none of the instructions seemed to make sense. Which brings me to another question:

I had assumed that I simply needed to remove the excess by April 17 to avoid a penalty for tax year '99 -- since that's how it works when you remove an excess in the same year that the excess contribution was made (what I *should* have done last year). Do the rules suddenly change when removing an excess from a *previous* year? Did I need to remove the excess before Dec. 31 to avoid the penalty this time? (The instructions aren't very clear about this.)

If I *can* avoid the penalty this year: do I just fill out the 1099-R myself, even though I haven't gotten one from my broker yet, or do I need to make sure that my broker files their copy of my 1099-R with the IRS before I can attach a 1099-R to my tax return?

-jason
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