Last year I inadvertantly had a minimum distribution from a mutual fund transferred into my Roth IRA, even though I'm not eligible to make a Roth contribution. What is the procedure for undoing this mistake?
BPickerCPA
May 19 2000, 07:04 PM
Contact the custodian and tell them that you need to remove an erroneous contribution. You CANNOT recharacterize it back to a traditional IRA, you must remove it as well as any applicable income. Hopefully the custodian will compute that amount.
------------------
Barry Picker, CPA/PFS, CFP
New York, NY
www.BPickerCPA.com