Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Early in 2000, my husband and I contributed $4000 to our Roth Ira's.
Later in the year, unexpected earnings placed our AGI in the phase out
range for these funds. I am currently using Kiplinger TaxCut software to
prepare our taxes. The information in this program says that we are only
allowed a portion of our contribution to the Roth and applies a small
"fine" related to the excess contribution. If we pay this fine with out
income tax as the program implies, does this mean that we can leave the
contribution in our Roth account?
Thank you for your help.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.