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Made Unallowed Roth Contribution -How To Correct?

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    Made Unallowed Roth Contribution -How To Correct?

    High wage earner made $6,000 for himself and wife to a Roth IRA. Income too high-not allowed. What's the procedure to correct this? Return has not been filed yet.

    #2
    Answer

    See IRS Publication 590 (page 65 or so) for the answer.

    http://www.irs.gov/pub/irs-pdf/p590.pdf

    FE

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      #3
      Originally posted by zeros View Post
      High wage earner made $6,000 for himself and wife to a Roth IRA. Income too high-not allowed. What's the procedure to correct this? Return has not been filed yet.
      Recharacterize to a traditional IRA before 4/15/13. If he then converts to a ROTH, any earnings will be taxed.
      Last edited by Burke; 03-26-2013, 02:08 PM.

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