From: "MissLivvy was:Curly" 
Newsgroups: misc.invest.financial-plan
Subject: Re: I accidentally contributed to my Rollover IRA account
Date: 29 Jun 2004 09:10:09 GMT
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	y3gN3ANkCXn2L95bJI8Bmp8Hgq8UcVyq2bs7fMoZpYHyWjUfK93JCw==
	=RZWf

Thank Elizabeth,
Do you agree with Paul that if my income exceeded the allowable amount for
Roth that I also did not qualify to take a traditional IRA deduction? Last
year when this happened, I had no 401k or any other retirment
invesments/deductions.

Sorry to keep asking but I was confused by his answer vs. yours.

TIA

"Elizabeth Richardson"  wrote in message
news:kWVDc.38490$OB3.30005@bgtnsc05-news.ops.worldnet.att.net...
> > I have a Rollover IRA from several year's back when I rolled out a 401k
> from
> > a former employeer.
> >
> > Last year, instead of putting $3,000 into my regular IRA, I notice that
I
> > put the cash into my rollover account.
> >
> > Is there a problem or tax penalty for doing this?
>
> I believe the only "problem" is that now you won't be able to move the
funds
> from the rollover account into another 401k should you ever want to do so.
> Otherwise, the rollover account was always the same as a Traditional IRA
> anyway.
>
> Elizabeth Richardson
>