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I have just realized (after completing my 2002 taxes) that I made a Roth IRA conversion in Feb. 2001 that I was not really eligible to make. We took advice from a financial planner on the conversion---he has now been fired! My husband and I had an adjusted gross income of 102,000 which I have learned disqualifies us from being able to make the conversion. We are way past the due date for making a recharacterization (Oct. 2001) and I'm very worried that we'll be paying some tax penalty for this error.

I'm obviously a tax novice and would greatly appreciate anyone's feedback on what they know about the penalties for making this type of error. I'm sure I will need to file a 2001 amended return.

Thank you,
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