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Foolish me. :-)

In April 2000 I contributed to my Roth IRA. One chunk
of $2000 for 1999, and one chunk of $2000 for 2000.

However, I may end up with more than $95k income, ie.
in the range where Roth contributions phase out.

What should I do?

PS: Besides the Roth IRA I do have a Rollover IRA.
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Greetings, Thoth2001, and welcome. You wrote:

<<In April 2000 I contributed to my Roth IRA. One chunk
of $2000 for 1999, and one chunk of $2000 for 2000.

However, I may end up with more than $95k income, ie.
in the range where Roth contributions phase out.

What should I do?

PS: Besides the Roth IRA I do have a Rollover IRA. >>


Your excess contribution will be for year 2000 only, so that's the only one you really have to worry about. You may take action to recharacterize that contribution as one made to a nondeductible traditional IRA instead of a Roth or you may withdraw the contribution plus any earnings thereon by April 16, 2001. For details on withdrawal and/or recharacterization, see IRS Publication 590 (Individual Retirement Arrangements) available at http://www.irs.ustreas.gov/forms_pubs/pubs.html.

Regards..Pixy
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