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I have a question about re characterization and conversion
I have a question about re characterization and conversion between Roth and Traditional IRA. … read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
1,930 satisfied customers
In 2015, contributed $3600 into a Roth IRA. However when we
In 2015, contributed $3600 into a Roth IRA. However when we file the 2015 tax return, we decided to re-Characterize that to a traditional ira.We received a 1099 r in 2016 with the code of R for rechar… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
Is a 1099-R with box 7 code R taxable, roth to ira re
roth to ira re characterization in 2016 for rollover in 2015 generates a 1099-R with a box 7 code of R. It seems to me that that this movement of funds should be non taxable as the taxes should be paid upon withdrawal. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
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
Tax advisor and Enrolled Agent
Bachelor's Degree
8,382 satisfied customers
I made the mistake of direct rollover my 401k to a Roth IRA
Hello, I made the mistake of direct rollover my 401k to a Roth IRA and I received a 1099 R with a taxable amount of all the retirement funds of 158,000. I admit I wasnt sure what I was doing but I swi… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
If you put $5,500 in a traditional IRA in 2015 and convert
if you put $5,500 in a traditional IRA in 2015 and convert to a roth the next day, what form do you complete, there was a 11099-r received code 2… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Here is my story: I had a Roth IRA coming into 2015 and
Here is my story: I had a Roth IRA coming into 2015 and converted a former employer's 401K to a traditional IRA in 2015. I misunderstood the contributions limits and contributed $5,500 to each IRA. 1)… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
How to report tax on 401k converted to Roth IRA - My
How to report tax on 401k converted to Roth IRA - My husband, who is retired and older than 59 1/2, converted a portion of his 401k directly to a Roth IRA (without first going to traditional IRA). He … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
If I have $20,000 converted from my Traditional IRA to my
If I have $20,000 converted from my Traditional IRA to my Roth IRA in 2015 and then recharacterized $5,000 of that back to my traditional IRA in March of 2016, which IRS tax forms (and which lines) ar… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
In December 2012 I mistakenly transferred my 401K into a Roth
In December 2012 I mistakenly transferred my 401K into a Roth IRA, after realizing I shouldnt have done so, because of tax consequences. In March 2013 I recharacterized my IRA and rolled it over into … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
In 2010, I made a ROTH contribution. In early 2011, I discovered
In 2010, I made a ROTH contribution. In early 2011, I discovered that my income exceeded the ROTH limitations. In 2011, I "recharacterized" the ROTH and funds were distributed from the ROTH and placed… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
Hi, In 2010 my husband converted 403(b) of $202,688 to traditional
Hi, In 2010 my husband converted 403(b) of $202,688 to traditional IRA. I converted 403(b) of $74,359 to traditional IRA and then to Roth IRA. I chose to pay the tax in two years: 2010 and 2011. I rec… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
My question is regarding Tax Form 8606. In 2010, I borrowed
My question is regarding Tax Form 8606. In 2010, I borrowed money from a qualified 401K employer-sponsored plan. I paid federal and state taxes plus the additional 10% for early withdrawal. The remain… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
I converted my IRA to Roth IRA in 2010. I paid tax on the
I converted my IRA to Roth IRA in 2010. I paid tax on the 50% ($17,000.); and this year (2011) I will have to pay tax on the other 50%. I am projecting to be on a low percentage tax bracket for this y… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
I converted my traditional IRA to a Roth IRA, but then changed
I converted my traditional IRA to a Roth IRA, but then changed my mind and recharacterized back to the traditional. The rep at Vanguard advised me that the initial conversion would generate tax forms … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
I converted my 401(k) last November. I was under the assumption,
I converted my 401(k) last November. I was under the assumption, that I could roll over the After-tax portion into a Roth IRA and the remainder into a traditional IRA. Now I have received Form 1099-R … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,490 satisfied customers
My Dad converted an IRA to a Roth last year. He is 72 and recently
My Dad converted an IRA to a Roth last year. He is 72 and recently retired. He received two 1099R's from this transaction. One states the amount and then the code in box 7 is N which on the back says … read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
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