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Author: jtr56 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76397  
Subject: Re: HELP! Excess Contributions Date: 2/25/2002 11:48 PM
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OLF -

I also saw an option to withdraw the contributions before the date I file to avoid the penalty. However, since it was all equity contributions, I would still take a loss. Again, doesn't seem like a good idea.

Pixy -

Finally, we get to the nub of the matter. No job income to be claimed on your income tax return, then no IRA contribution. Period. End of discussion. :-)

Depending on your Roth provider, it MAY (?) be possible to have the account transferred/changed, in kind, to a taxable brokerage account with the provider, and thus avoid penalty and cap. loss. You would have to explain this with a notation on your 1040, and maybe there's another form as well....Pixy to the rescue again?? I now have a splitting headache. <g>

Cheers anyway!
jtr
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