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In early April, I contributed $3000 to my Roth IRA account and marked the contribution for the year 2003. I didn't realize it at the time, but unfortunately, I had already contributed $3000 in April 2003 for year 2003. It was an honest mistake.

I received notice of my excess contribution from the IRA company and they asked me how do I want to do to resolve the problem. My initial reaction was lets make it a year 2004 contribution. However, they indicated that I would have to pay a tax of 6% ($180) to correct the mistake no matter what I did. Are they correct? Is there any IRS rules that allow time to correct such mistakes? It is still less that two months from when the mistake was made.
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