Hi All!I was reading the Delaware Charter Roth IRA Agreement when you apply for a Datek IRA and in section J. there is some talk which indicates that one could contribute $2250 a year without paying the 6% exise tax for overcontributions. But, I'm not quite sure what it's saying. Could anyone clarify?thanks,JohnHere is the full text:"J. EXCESS CONTRIBUTIONS During the taxable year you may have contributed to your retirement account in excess of 100% of compensation not to exceed $2000, or such limit as may be prescribed by law. If you make contributions to individual accounts for you and your spouse, an excess contribution will result if you contribute to the accounts an amount greater than the lesser of: (a) $4000; (b) 100% of the compensation includable in your gross income for the taxable year; or (c) more than $2000 paid to a single individual retirement account for you or your spouse. If this is the case the excess is subject to a cumulative 6% excise tax which is not deductible and paid by you. However, this excise tax can be avoided by withdrawing your excess contribution prior to filing your return. In addition, any income earned by the excess contribution must be paid to you at the same time. Since this excess contribution was not deductible when made, it is not included in your income when returned. Nor is it subject to the 10% tax on premature distributions. Income earned by the excess contribution, however, must be included in your individual income tax return for the tax year in which earned. The foregoing is inapplicable if: (a) a deduction was allowed for the excess contribution or (b) total contributions (including excess contribution) for the year exceed $2250. If the 6% excise tax is imposed for a taxable year, its cumulative effect can be avoided by making reduced contributions in a future year. Excess rollover contributions can also be corrected (with regard to dollar limitations) if the excess contribution was due to reasonable cause. For tax years beginning after 1996, IRA contributions of up to $2000 can be made for each spouse if the combined compensation of both spouses is at least equal to the contribution amount and the married couple files a joint income tax return. The effect of this rule is to increase the combined limits referenced above as "$2250" to "$4000"."