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Subject:  Re: IRA question Date:  4/17/2001  12:27 PM
Author:  Charlie48K Number:  50393 of 130847

Actually, I don't think you have as bad a problem as you might think. Excess contributions can be withdrawn by the due date of the return, including extentions, without penalties. Except your trustee might charge you a fee. See Publication 590 p33 Excess Contributions Withdrawn by Due Date. Make shure the interest is withdrawn.

The Roth IRA can by recharacterized to a non-deductable IRA, again it needs to be done by the due date including extentions. Pub 590 p 41 shows you how to do that.

At least that's how I read the rules.
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