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I opened a Roth IRA this year, everything fine...
However during 1999 my wife will be going back to
work and my part time business will contribute
an unknown amount to my income. Its quite possible
that come 2000 tax return time we will find ourselves
over the Roth contribution limit.
I would like to contribute my $2k to my Roth this
month to maximise my potential gains, but what happens
if in 12 months time if I find I'm over the contribution limit?
1) Can I convert my Roth contribution to a regular
IRA contribution.
2) What happens to any gain or loss that I make on the
$2k I invested, and if its relevant how would I
calculate the loss/gain given that the money will be
agrigated with my previous contributions?
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