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Asked 2/3/2008
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I had to roll my 401k into a ira in 2007 because my company was bought out. I'm doing my taxes my self online and now its saying i have contributed a excess amount and i will owe %6 penalty every year this excess amount is in there .i was not told this by the bank that did this rollover.if i didn't put the money somewhere i was going to get taxed on it. do i take the excess out and then pay tax on that or what.i'm confused |
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