Exceeded 1999 Roth IRA Contributions - Accidentally

[Guest mmmcmar]

When filling out the ROTH IRA contribution form on 1/1/00. I accidentally check 1999 TAX Year. I wanted it for 2000 TAX Year. The online broker firm will not change the form and sent a Form 5498 to the IRS stating for 1999 I had $4,000 contribution. Which is a mistake? How can I correct this?

[BPickerCPA]

The fact that you checked the wrong box really is not a problem. Keep the paper work, and if the IRS questions it just show them that the second deposit occured in year 2000 and you wish to have that considered as a year 2000 Roth contribution.

Don't sweat it.

Barry

[Guest mmmcmar]

Thank you for your quick reply. Another issues has arised: We moved this year and the company add the move to our salaries which possibly put us in the 150,000 - 160,000 AGI. Can we hold off until 2001? We have invested the money and really do not want to sale the stock. What does the recharacterized mean to an regular IRA? We would like to get this resolved because we have extended our filing for 1999 Income Tax until we can get this situation under control.