Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I'm hoping someone out there can answer this for me:

My wife and I each have Roth IRA's which we set up in June of 1999. Our income was too high in 2000 to qualify us for the Roth IRA, so we ended up having to pay taxes on the excess contributions made to the Roths (which was everything contributed in 2000). Must I now take a full distribution on both of our Roths and "close them out"? Is there a deadline that I must do this by? Will I pay taxes again on the distributions?

Thanks in advance for any help you can offer!
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.
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.