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Hi, looking for clarification on what to expect.

Peter has explained the process of withdrawing the excess thoroughly. I just want to make sure you're aware of your other option, which is to "recharacterize" the contribution as a nondeductible traditional IRA contribution.
This is exactly what I did with all of my 2006 contributions across 5 different trustees for me and my wife. Plus, 1 trustee stated that I need to calculate the earnings on my deposits. OK< I did it, and then had them recharacterize that amount too.

The paper trail is what is tough but if you methodically track each transaction , with account numbers, then it's not a problem, just a hassle.

I intend to convert them to ROTH accounts in 2010, along with the funds I put into the accounts (the new nondeductible traditional IRAs) in 2008 and 2009 plus the catchup contributions I can make starting in 2008, as well as my wifes funds too. Spreading the tax payments out over 2 years....

Unless they change the rules again.

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