If my wife and I exceed 130k AGI and I already contributed max ROTH for each of us for 2008 what do I do now?

Question

If my wife and I exceed 130k AGI and I already contributed max ROTH for each of us for 2008 what do I do now?

Answer 1

You must remove the excess contribution along with any earnings that have accumulated by the due date of the return.  In this case, you have until April 15, 2009, to complete the withdrawal.  

Answer 2

You reverse the contribution back out.  Contact the account custodian for procedures.

Answer 3

You withdraw the money by contacting the plan administrator.

Answer 4

Recharacterize the contributions as traditional IRA contributions.