Desperately searching for an answer -- Roth IRA excess contribution I am currently working overseas and have no domestic income. I didn't realize that this disqualified me from contributing to a Roth IRA, and made a $3000 contribution in 2010. I want to avoid withdrawing this money if possible, but I know also that I will have no domestic income in 2011.
Is it possible to leave my money in the Roth IRA for the next few years, and apply my contribution from 2010 to either the 2012 or 2013 tax year, when I return to the states and have a domestic income? If I do this, what will the penalties be? Will I have to pay 6% on the $3000 + earnings for every tax year?
Thank you!! |