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Subject:  Re: Roth IRA - Failed Contribution Question Date:  2/21/2000  10:55 PM
Author:  pmarti Number:  29528 of 128273

<< 1. The article says "2. Or... he can transfer the ENTIRE balance of this Roth IRA to a traditional IRA." Does ENTIRE mean the $2000 for the current year or the balance since inception (which could be several years)? >>

Example 1 in the article you linked does say that. Roy was no doubt working under the [unstated] assumption that the account was new in 1999, and the 1999 contribution was the only one. All that must be recharacterized is the unallowable contribution and the earnings on it.

<< 2. For tax year 2000, is the AGI limitation for joint filers still $150,000? >>

It's a phaseout beginning at a modified AGI of $150K and ending at $160K.

Phil Marti
Tax Preparer
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