Skip to main content
No. of Recommendations: 0
Hi group,

I am a little late doing my taxes and my tax software is telling me that I have contributed $38K over the allowed amount to my Roth account. I converted a rollover IRA last year to a ROTH and payed about $10K in taxes for a total amount of $30K. Since then the account has grown to about $40K. I understand that there is an allowable annual $3K contribution, however thought that with a conversion this was different and only depends on an AGI of under $150K.

Needless to say I am very concerned that I may have made a mistake here and will need to recharacterize this account back to a traditional IRA, possible forfeiting my profits. My broker at Scottrade has informed me that he can not help me. I would appreciate any advice from someone in the know. Thanks


Who may need to hire a professional for this!
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.