Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I found out that I qualify exception to an excess Roth

Customer Question
I found out that I...
I found out that I qualify for an exception to an excess Roth contribution received in 2015 for the prior year because I received over 12 weeks unemployment in **2014**. My question is: do I have to report this on my 2015 tax return, or does it only become an issue if I get audited for 2015? Unemployment income was showing on my 2014 return.
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
2/21/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,608
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

If you received a 1099-R, it needs to be claimed on your return to the extent that it's taxable. If you are not penalized or taxed, no worries -- you won't have anything to pay.

Please let me know if you need anything additional. If not, please rate positive.

Ask Your Own Tax Question
Customer reply replied 2 years ago

I did receive a 1099R and there's a taxable amount in box 2a for $494. Am I supposed to pay a 10% penalty and pay taxes on this even though I got 12 weeks unemployment insurance in 2014? I'm 54 years old

Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago

No, you won't pay the 10% penalty -- when you file your return and enter it into the software, then note that you meet an exception

Please let me know if you need anything additional. If not, please rate positive.

Ask Your Own Tax Question
Customer reply replied 2 years ago

I don't know where to note the exception in turbo tax, can you help me?

Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago

I'm not familiar with TurboTax, so I am unable to give you directions to where to put this in. Please rate this question, then add another question directly related to TurboTax

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,608
16,608 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Megan C is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

16,608 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
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.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
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
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
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.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
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
14,896 satisfied customers
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.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
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
Retired
Bachelor's Degree
14,896 satisfied customers
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
abci168
abci168
Principal
27 satisfied customers
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
Retired
Bachelor's Degree
14,896 satisfied customers
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
Retired
Bachelor's Degree
14,896 satisfied customers
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
14,896 satisfied customers
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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
Retired
Bachelor's Degree
14,896 satisfied customers
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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
15,569 satisfied customers
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
Senior Tax Specialist
Bachelor's Degree
16 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
2,278 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
Master Degree
1,180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x