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Excess Roth Contribution - Quick Fix?

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    Excess Roth Contribution - Quick Fix?

    Client contributed to a Roth IRA, but because of his income, he wasn't allowed to. I believe anybody can have an Traditional IRA, it just might not be deductible. Could he simply recharacterize to an IRA? Problem solved?

    #2
    Roth ira excess contribution/recharacterization

    When in doubt, RTFM or something close to that.

    TTB Page 13-14/13-15 provides explanation on that the taxpayer must do and what must be reported on the tax return.
    Friends double; family triple. Don't buy an audit for yourself. If someone has to go to jail make sure it is the client. Remember it is only taxes, nothing important.

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