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Old 04-09-2017, 10:02 PM
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Incorrect contribution to IRA

We made a contribution to my wife's IRA and now realized she is not eligible to deduct it from our income because of our income in 2016. Can we reverse this transaction? If not, how do we avoid paying taxes on this amount when my wife begins withdrawals from her IRA when we retire?

Last edited by mark4287 : 04-09-2017 at 10:03 PM. Reason: typoe

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