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Thanks CPAScott!

Yes my contribution is not deductible because I am covered under an employer plan.

Did I read you correct that I can only withdraw an amount equal to the market value of the shares I bought with the $1000 I contributed? I do have some other stock in the account which I could sell to bring the cash balance back to $1000, is this not allowed?

What are the tax implications if I leave the money ? Do I have to keep track of earnings and dividends I receive from every stock I buy using the non-deductible part of the IRA ?
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