calling all investing gurus

Feb 04, 2007 21:35

So what the heck do you do when you've over-contributed to a Roth IRA ( Read more... )

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Comments 5

funkatron February 5 2007, 04:34:53 UTC
I suspect you want to talk to an accountant or tax attorney, unless you know one. It will likely cost less in the long run.

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irtluhc February 5 2007, 15:27:30 UTC
If your account is with E-Trade, you can call them up. You'll wait on hold for eons (but not quite as long as if you wait until March or April), but they can probably give you a hand. I know they've helped me out when I accidentally made my contribution for the wrong year.

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shoebucket February 5 2007, 22:47:15 UTC
A 1099 is still earned income; don't forget to fill out your Schedule SE with your 1040 this year (you may need Schedules A and/or C, too) - I got paid with 1099's for 2 1/2 years when I worked for Vector.

But the best thing you can do (if e-trade is no help when you call them), is find a friend/acquaintance who is a CPA/tax attorney to whom you can direct your first question, and see if they think you need to speak with someone at more length (and possibly for a fee)

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smellycoder February 6 2007, 00:34:16 UTC
actually...i don't have to pay self employment tax because despite being a 1099, my fellowship is not actually *employment.* it's kind of wonky (but legitimate!)

man, i wish i had friends who were accountants :(

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