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kemifr writes:

I contributed $2,000 to a Roth IRA this year on my e-trade account. It appears as though I am going to earn over the $95K AGI limit making my contribution ineligible I believe. What are my options at this point?

I reply:

If your AGI is in the $95,000-$110,000 range (assuming that you're single), you can still make a partial contribution to a Roth. In that case, or in case you make more than $110,000, you may "recharacterize" all or part of the contribution to a "regular" IRA, which may or may not be deductible, depending on whether you're a participant in a qualified retirement plan. If you want to get the money out, you can, and if you act before April 17, 2000, I think you'll only pay taxes on the earnings. I may be wrong about that last comment, though. --Bob
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