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: 16,606
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?
Ask Megan C Your Own Question
Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,606
16,606 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

4,495 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

15,272 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

16,606 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
My tax return was filed through Turbo Tax and was accepted
my tax return was filed through Turbo Tax and was accepted by IRS on 3/19/20018. I gave my debit account number and I understood the amount I owe was to be deducted and paid to Irs. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
We use Turbo Tax to do our income taxes. Have used Turbo Tax
We use Turbo Tax to do our income taxes. Have used Turbo Tax for several years. We are moving our address to South Carolina from NJ. We have officially moved on April 26, 2018. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I sent in an amended return for 2016. My turbo tax
Hi - I sent in an amended return for 2016. My turbo tax information said I would be refunded $1632.00. I just got a check for over $5,000 from the IRS and I'm confused. I think it's a mistake but if n… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have filed my 2017 return through turbo-tax which was
I have filed my 2017 return through turbo-tax which was accepted by the IRS. I underestimated my health care supplement by $7,000. I paid that in my return & if I opened an IRA for $5,000.00 how would… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are you associated with turbo tax. Is there a charge for
is there a charge for this chat since this is what came up under turbo tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I'm using H&R block software. New this year, I'm a hospice
I'm using H&R block software. New this year, I'm a hospice chaplain and a priest. Where can I get information/software concerning my type of employment? Thank you … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
1099-R Question - Portion rolled over following tax year.
1099-R Question - Portion rolled over following tax year. Looking for advice regarding 1099-R received in excess of $300k in 2017 with $180k paid back / rolled over within 60 days. Distribution was la… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,199 satisfied customers
What forms are needed with my tax return. Turbo Tax printed
What forms are needed with my tax return. Turbo Tax printed about 50 sheets and I have not been able to figure out which sheets are needed besides the four tax return forms are necessary. I believe Sc… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I filling my tax return from turbo tax. At final, I was
I filling my tax return from turbo tax. At final, I was asked my last year AGI, I m unable to answer due to I lost my document . How should I do? … read more
abci168
abci168
Principal
27 satisfied customers
I filed 2017 with turbo tax. a have disability income only.
I filed 2017 with turbo tax. a have disability income only. turbo tax sais return accepted tax act letter sais irs needs 2016 pin number or 2016agi number wich I have both. then they say must get info… read more
PhillipsEsq.
PhillipsEsq.
Attorney-at-Law
JD
59 satisfied customers
I electronically filed my 2017 return using Turbo Tax.3
I electronically filed my 2017 return using Turbo Tax.3 weeks later the IRS sent me a letter saying they were reviewing my return. I haven't received any further notice from them and can't get a live … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
836 satisfied customers
Where do I get a copy of my 1099 r with the taxable amount
where do I get a copy of my 1099 r with the taxable amount unknown and it has a distribution of number 4? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
We are doing our income tax using H&R Bolck software and it
We are doing our income tax using H&R Bolck software and it is saying we did not draw enough money from our retirement account. This is wrong according to our IRA Kingdom Trust IRA company. We need he… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
836 satisfied customers
Filing online. On tax form it asks for taxable amount (2b)
Filing online. On tax form it asks for taxable amount (2b) on a distribution from an IRA rollover account Form 1099-R. There is no amount given, just an X in a box and saying taxable amount not determ… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
My client gave me a 1099-R that was not in the regular
My client gave me a 1099-R that was not in the regular format. All the information was there except it didn't have the payer's address and the California State ID number. My tax software tells me that… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am using on-line H&R tax software and I, for the first
I am using on-line H&R tax software and I, for the first time, seem to be hitting AMT. There seems to be a very small % of people that have to pay AMT so I''m wondering if I am doing something wrong o… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
How can I download Turbo Tax software I purchased from
How can I download Turbo Tax software I purchased from Intuit on Feb.1,2018, order #E519760410 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
Cannot e file my tax return checked for update. Turbo tax
cannot e file my tax return checked for update JA: What device or product does this involve? Customer: turbo tax home and business JA: What Operating System (OS) are you running on your computer or de… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
128 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