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In 2012, 2013, 2014, 2015 and 2016 I fully funded a ROTH IRA
In 2012, 2013, 2014, 2015 and 2016 I fully funded a ROTH IRA when my MAGI was too high to allow this. I believe I need to remove the money from the account and pay the 6% penalty for every year it was… read more
Robin D.
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I live in Los Angeles... In Dec. 2014 I made a Roth IRA
I live in Los Angeles... In Dec. 2014 I made a Roth IRA contribution of $6500 to my IRA. I found out lately upon researching Roth IRAs that I made too much money that year ( $54000 wages and $161000 s… read more
Lane
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I just realized that I calculated by tax basis incorrectly
I just realized that I calculated by tax basis incorrectly in 2013. I incorrectly added $6,500 to the cost basis total. Do I need to go back and correct that return, since I did a backdoor Roth contri… read more
Matthew Breecher
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If someone contributed to a ROTH IRA IN 2015 but was not
if someone contributed to a ROTH IRA IN 2015 but was not entitled to it as they filed MFS but did not withdraw the amount and the interest earned until 2017 how is this reported? They have to amend th… read more
Robin D.
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My IRA contributions went over the limit and I discovered this
My IRA contributions went over the limit and I discovered this after I filed my 2014 taxes. How can I fix this?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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In April, 2015 I made a Roth IRA contribution designated for
In April, 2015 I made a Roth IRA contribution designated for 2014, forgetting that in another account I had already contributed for 2014, causing an excess. I only discovered the problem recently, and… read more
Robin D.
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I've received form 1099-R return of an excess Roth IRA
I've received form 1099-R for the return of an excess Roth IRA contribution made in 2014. The excess contribution was removed in March of 2015 prior to filing my 2014 taxes. However, I did not include… read more
Lev
Lev
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Bachelor's Degree Equivalent
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If I have received the 1099-R which says that Taxable amount
If I have received the 1099-R which says that Taxable amount is not determined checked on 2b but the Gross distribution amount of 40000 is also mentioned in Taxable income. I have transferred the mone… read more
Tax.appeal.168
Tax.appeal.168
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I'm doing my 2015 taxes using turbo tax. I have a 1099-INT
i'm doing my 2015 taxes using turbo tax. I have a 1099-INT with zero in boxes 1 thru 17 and numbers in boxes 1d and 1e. How and where do i enter those numbers?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I'm inquiring about a situation with an excess contribution
Hello, I'm inquiring about a situation with an excess contribution to my Roth IRA. This was my first time making a contribution to my Roth IRA, and therefore, made a small mistake while doing so. I ha… read more
Lev
Lev
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To Roth IRA expert: A joint filer was NOT eligible to
To Roth IRA expert: A joint filer was NOT eligible to contribute to a Roth IRA in 2014 as modified adjusted gross income exceeded $191,000. Using Fidelity, my friend's spouse contributed $6,500 into R… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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This question involves multi years of excess contributions
This question involves multi years of excess contributions to a Roth IRA. For tax years 2011, 2012, 2013 and 2014 my client is under 591/2 and his income level limited the Roth IRA contributions for t… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
A client made Roth contributions of $5,500 in 2013 and 2014,
A client made Roth contributions of $5,500 in 2013 and 2014, not realizing that his income exceeded the Roth threshold in both years. In May of this year, he learned of his error, withdrew the $11,000… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Prior to April 15, 2015, our bankers advised us to simply "redesignate"
Prior to April 15, 2015, our bankers advised us to simply "redesignate" our 2014 Roth IRA contributions in excess of earned income as 2015 Roth IRA contributions to avoid the 6% penalty on earnings. W… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,972 satisfied customers
I contributed to my nondeductible IRA in 2013 and 2014 for
I contributed to my nondeductible IRA in 2013 and 2014 for tax year 2013, which I just now realized it has been overfunded. Those nondeductible contributions were then convert to a ROTH. I am now taki… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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someone put $1600 in roth ira expecting later earned income,
someone put $1600 in roth ira expecting later earned income, yet no earned income received. What would happened if person does not file taxes? This person could get a 1099 from someone but would then … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
I inherited $20k pre-tax dollars from a retirement account
I inherited $20k pre-tax dollars from a retirement account of my ex-spouse. I would like to roll it over into a Roth IRA. I know I will have to pay income taxes on the money. But can I roll over the e… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
I had a traditional IRA of $20k, I withdrew $10k in ...
I had a traditional IRA of $20k, I withdrew $10k in 1998 as a first time home buyer. In 1999 I converted $5k to a Roth leaving $5k in the traditional. I cashed out both IRAs this year for house downpa… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
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