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Author: joel109 Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77389  
Subject: Roth Conversion Date: 4/3/2005 9:04 PM
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Hi group,

I am a little late doing my taxes and my tax software is telling me that I have contributed $38K over the allowed amount to my Roth account. I converted a rollover IRA last year to a ROTH and payed about $10K in taxes for a total amount of $30K. Since then the account has grown to about $40K. I understand that there is an allowable annual $3K contribution, however thought that with a conversion this was different and only depends on an AGI of under $150K.

Needless to say I am very concerned that I may have made a mistake here and will need to recharacterize this account back to a traditional IRA, possible forfeiting my profits. My broker at Scottrade has informed me that he can not help me. I would appreciate any advice from someone in the know. Thanks


Who may need to hire a professional for this!
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