Excess Roth contribution


E

Edward

I contributed to a Roth IRA during 2010. My income in 2010 put me
over the limit to contribute to a Roth. What forms do I need to
submit to recharacterize it as a traditional IRA, and are there
penalties?
 
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P

Phil Marti

I contributed to a Roth IRA during 2010.  My income in 2010 put me
over the limit to contribute to a Roth.  What forms do I need to
submit to recharacterize it as a traditional IRA, and are there
penalties?
1. Contact your IRA custodian and tell them you want to
recharacterize the excess and the earnings on it. You'll give them
the amount of the excess, they'll calculate the earnings. (The
earnings may be negative.)

2. Report on your 2010 Form 8606.

See Publication 590 and the instructions for Form 8606.

Phil Marti
VITA/TCE Volunteer
Clarksburg, MD
 

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