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Mea Culpa

Editor's Letter

By Marion Asnes, editor in chief
July 1, 2010
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I'm giving up my soapbox this month in order to acknowledge and apologize for various errors that have appeared in our issues recently. Although the magazine is a team project, as editor in chief I am responsible-hence, the headline.

Sometimes readers write me angry letters: How dare we mess up so badly? Well, it's not about daring. We get busy; we rush; we overlook important details or get them confused.

Most errors are caught long before the magazine goes to press. Raw copy-the initial efforts by the various contributors-is extensively reworked for accuracy, clarity and cohesiveness. Anyone who has submitted a manuscript to the editors here knows that we can be nitpicky. That's our job.

Nevertheless, stuff happens. As journalists we hate to make mistakes because we have to admit our errors in public and apologize. So here goes.

MAY: in "Planning for Reform," about healthcare reform, we stated that all unearned income will be subject to the Medicare surtax if total AGI is more than $200,000 for single filers or $250,000 for joint filers. That is incorrect. In fact, the Medicare tax applies only to income that exceeds the limit. This month, Ed Slott explains what that means to IRA withdrawals on page 65.

JUNE: In "Bargain Hunter," we gave the wrong date for Charles de Vaulx's start with International Value Advisers. De Vaulx, who was subject to a noncompete agreement, did not join IVA until May 2008. In addition, the fund held up to 8% of its assets in gold, not 23% as published.

In "Tale of a Tough Year," we misreported the revenue Commonwealth derived from fees in 2009. That number should have been $225.8 million. (We got it right in the tables.)

And in "Survivor Island," we misidentified a photograph-a cardinal error for which I apologize profusely. The handsome man in front of the stone wall is Mark Mettelman of Triad Advisors. Mark, we'll talk to you again soon-and we'll do you justice next time.