Phaseout rules say I should not have contributed to 2012 Roth IRA?
Ok, so what next? Do I show the contributions? and, do I show any income for 2012? Can I just recharacterize to traditional IRA(non-deductible)?
Ok, so what next? Do I show the contributions? and, do I show any income for 2012? Can I just recharacterize to traditional IRA(non-deductible)?
Permalink Submitted by mk foss on Wed, 2013-04-03 20:32
The easiest thing is to recharacterize to a nondeductible IRA. If you just withdraw the contributions there is tax on the earnings.
Permalink Submitted by Kevin Zoltek on Wed, 2013-04-03 21:47
In which year do I report the earnings? 2012 or 2013?
Permalink Submitted by Kevin Zoltek on Wed, 2013-04-03 21:48
In which year do I report the earnings? 2012 or 2013?