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?
Excess Roth contribution
Apr 11, 2011
1 Replies
- 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.)
- 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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