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I have filled out the Tax info and get a number that showes
I have filled out the Tax info and get a number that showes on line 30 of 1040 (Penalty on early withdrawal of savings) $266815, which I know is wrong. I did not do it. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Before the new tax law, I believe we could recharacterize an
Before the new tax law, I believe we could recharacterize an unlimited amount of a regular (traditional) IRA to a Roth IRA . Has this been taken away with the new tax law?… read more
Robin D.
Robin D.
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I had $1900 of total base in my traditional IRA when the
I had $1900 of total base in my traditional IRA when the value of all my traditional, SEP and SIMPLE IRAs was $47k at end of 2015. During 2016, I converted all the traditional IRAs to my Roth IRA when… read more
Lev
Lev
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I executive a back door roth. I made non-deductible IRA
I executive a back door roth. I made non-deductible IRA contribution, which was then converted to a roth. I received a 1099R for the money converted. Turbo Tax is counting the distribution from non-de… read more
TaxWhisperer
TaxWhisperer
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Our 2016 MAGI was $208k. I am 58 years old, filing jointly
Our 2016 MAGI was $208k. I am 58 years old, filing jointly with my wife (teacher, age 56) My 2016 W2 (box 12 D) showed that I contributed to 401(k) $15,620. My employer matches 5% of my compensation (… read more
Lev
Lev
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Recharacterize Roth ira question. Until 2013 I was doing
Recharacterize Roth ira question. Until 2013 I was doing Roth IRA contributions. For tax year 2014 I have opened SEP IRA as I was on 1099. For tax year 2015 I opened non-deductible traditional IRA in … read more
Lev
Lev
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How do I change my return to reflect a traditional IRA and
How do I change my return to reflect a traditional IRA and not the Roth IRA which they will not let me change… read more
ABC Accounting Group
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Bachelor's Degree
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Can I ask a detailed question? My wife and I both began
Can I ask a detailed question? My wife and I both began saving with IRAs this year (February 2017). We both opened Vanguard accounts and I put in $6500 and she put in $5500 and we started with Traditi… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My income limit prevented contributing directly to Roth IRA
My income limit prevented contributing directly to Roth IRA as I've always done. Maximized ($5500) non-deductible contribution to traditional IRA and completed backdoor Roth conversion before the end … read more
emc011075
emc011075
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A little about me: My AGI is too high for Roth IRA
A little about me: My AGI is too high for Roth IRA contributions. Also, I am over 50 years old. Last year (February-March 2016), I moved $13000 in after-tax money to a Traditional IRA. This represente… read more
TaxWhisperer
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We have been told that our combined income is too high to
Hi We have been told that our combined income is too high to qualify for a roth ira and we can contribute to a backdoor ira how much tax would we pay if we opened a 5500 traditional ira for 2016 and c… read more
ABC Accounting Group
ABC Accounting Group
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I am doing my daughters taxes...She is 25.....she had 15K in
I am doing my daughters taxes...She is 25.....she had 15K in a Roth IRA (after tax money) she withdrew 5K to help herself with money to move......every tax software I use is showing the Roth as additi… read more
NPVAdvisor
NPVAdvisor
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In 2014 I contributed the max $5500 to a Roth IRA thinking
In 2014 I contributed the max $5500 to a Roth IRA thinking I would make less than $100k year. It turns out I made $130k which disqualifies me IRA. Turbotax is advising me to take a distribution of the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
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Hi, Im in the process of doing my 2012 taxes on TurboTax,
Hi, I'm in the process of doing my 2012 taxes on TurboTax, and I just realized something disturbing: I've contributed $2000 to Roth IRA and $3000 to Traditional IRA this year, but TurboTax tells me th… read more
Phillip Bell, EA
Phillip Bell, EA
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My MAGI for 2012 was $141K (married filing jointly). Im an
My MAGI for 2012 was $141K (married filing jointly). I'm an idiot with finances, requiring both Quicken and Turbotax to make any sense of it. In 2012, I rolled over 32K from a previous job to an exist… read more
fastfile
fastfile
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I have a client who is the 100% owner of an Scorp. He has earned
I have a client who is the 100% owner of an Scorp. He has earned income of 10k thru payroll from the company....In 2010 he made a 49k contribution to a sep..He obviously can not deduct all of this and… read more
geedubya55
geedubya55
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Hello, I wanted some advice on whether I should convert my
Hello, I wanted some advice on whether I should convert my traditional IRA to a Roth IRA. I'm 27 years old and earn roughly $35k a year. I have $20k in a savings account, $8k in an individual investme… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
I am 71 years old. I have a traditional IRA established many
I am 71 years old. I have a traditional IRA established many years ago. Earlier this year, I established a Roth IRA by converting two assets I held in the traditional IRA. The assets have reduced in v… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
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