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Wait a minute - just re-read that and it sounds very appealling. Why am I able to do this for 2003? Isn't it too late? Is that my only option there? I guess I'm taking the chance that if I do not fall under the limits I will owe additional penalties for another year then?

Yes to your last statement. You pay the excess contribution tax until you withdraw the excess or can apply it to current year contributions. I'm pretty sure that calculation is covered in either Pub 590 or the 4xxx or 5xxx (I can never remember that form # without looking it up)instructions, but it's the one other than the 8606 that I mentioned initially.

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