Guest Zippwald Posted January 20, 2006 Posted January 20, 2006 Long story short...got a big 2004 bonus and did not qual for any Roth contributions. I had already put in 3K for me and 1.8K for the wife. I recharacterized that $ into traditional IRAs (done in Feb 2005). Thinking that all that was in the past as a "2004 thing"...I then put another 8K into our Roths this year (2005). I got my 1099-Rs today from Morgan Stanley and then it dawned on me....does that money (the 4.8K) count against me, limiting what I could contribute in 2005 to my Roths? Did I contribute 4.8K too much again this year???? Help! Thanks!
Guest Zippwald Posted January 20, 2006 Posted January 20, 2006 If it's any help...I filed 8606s for 2004.....
Guest heike Posted January 22, 2006 Posted January 22, 2006 If it's any help...I filed 8606s for 2004..... I'm no expert,... But Was the recharacterized IRA designated for 2004? (Even if done in 05, it was before April 15) I belive, if done for 04, than you start fresh for 05. If all the money shows up as 05, yes! you contributed too much.
John G Posted January 23, 2006 Posted January 23, 2006 I am not sure I understand exactly what you did..... but (1) the math for each calendar year (max amount, qualifying, etc) is separate, and (2) within a calendar year your max allowed contributions are for the combination or Roth and IRA for each spouse (recently 4,000 max).
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