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Hello,

I have contributed too much to a Roth for TY2000. I have been reading Pub 590 (p38).

Do I have "recharacterize" the excess into a traditional IRA? Do I have any other options?

I have seen two in Pub 590 but I am not sure if I interpret them correctly:
1. withdraw the contribution and returns completely for and use the money for general use.
2. assign the excess contribution for a future tax year Roth IRA contribution.

Are these two options really possible? Please can you tell me how I can go about doing these?

Thanks,
Sam

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Greetings, Sam, and welcome. You asked:

I have contributed too much to a Roth for TY2000. I have been reading Pub 590 (p38).

Do I have "recharacterize" the excess into a traditional IRA? Do I have any other options?



I see you asked essentially the same question on the Tax Strategies board where you received an excellent response from Phil Marti. Therefore, I'll simply refer you back to that board for the answer. The thread may be found at http://boards.fool.com/Message.asp?mid=14436240

Regards..Pixy
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