Made Unallowed Roth Contribution -How To Correct?

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  • zeros
    Senior Member
    • Dec 2006
    • 921
    #1

    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.
    Tags: None
    • FEDUKE404
      Senior Member
      • May 2007
      • 3650
      #2
      Answer

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

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


      FE

        Comment

        • Burke
          Senior Member
          • Jan 2008
          • 7068
          #3
          Originally posted by zeros
          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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