I have an elderly client that worked as a handiman in 2005. He made his 2006 contribution early in the year and then the attorney that gave him odd jobs passed away and he never had business income in 2006. Can his contribution be re-characterized as an IRA at this point? Thanks.....
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Not sure
Since you are past the due date, it could be a problem. I haven't seen this before. A few suggestions: Read the instructions for form 8606, which has a lot of options for various IRA situations that you realize you aren't eligible for after the fact. 2. You should call their investment folks. -
Thanks....
Good ideas. I will do a little more reading...so I know next time. I realized that he is a year too old for an IRA after I sent the post. His wife claims neither of them made a contribution at all for 2006. I guess they will need to see their investment person to get things corrected. Must be some sort of error. These clients keep good track of things! Thanks again!Comment
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