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In 2016 I had an excess contribution to my Roth IRA of 6500
In 2016 I had an excess contribution to my Roth IRA of 6500 and paid a penalty of 390- In 2017, I made no contribution to my Roth IRA Am I liable for a penalty in 2017?… read more
abci168
abci168
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$247,620 is AGI for a couple filing MFJ. One has a W-2 of
$247,620 is AGI for a couple filing MFJ. One has a W-2 of $157,000 the other has pension and a SS disability. How much if any can they contribute to their Roth IRAS.… read more
Robin D.
Robin D.
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Roth IRA. I have a very specific question about excess
Roth IRA. I have a very specific question about excess contributions to a Roth IRA. I am a tax preparer. My client made a Roth IRA contribution for 2016 in April of 2017. It then turned out that his i… read more
NPVAdvisor
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2016 retirement contributions Husband gross W-2 $190k,
2016 retirement contributions Husband gross W-2 $190k, covered by 403b Wife $10k net from schedule C; no W-2 What are our options for contributions? IRA SEP Can we choose Roth or not for each/either? … read more
LEV
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TouboTax question: For earned income credit, your investment
TouboTax question: For earned income credit, your investment income must be $3400 or less, and the income limit is $39296. I only had $17 of investment income in 2016. But TurboTax told me that I'm no… read more
LEV
LEV
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A TAXPAYER TURNED 70.5 YEARS OLD IN AUGUST OF 2016. IS THE
A TAXPAYER TURNED 70.5 YEARS OLD IN AUGUST OF 2016. IS THE TAXPAYER STILL ELIGIBLE TO MAKE A TRADITIONAL IRA CONTRIBUTION IN 2016, THE "YEAR SHE TURNED" 70.5 YEARS OLD? I AM AWARE THAT FOR 2017 AND FO… read more
Robin D.
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What can happen if I contribute too much to my IRA?
What happens if I contribute too much to my IRA in a tax year? Let's say the max I can contribute is $3,250, but I contribute $3,500 instead – is there a penalty? Does my IRA become fully taxable? I h… read more
Robin D.
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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
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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
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I have a Traditional IRA account, and a Roth IRA account. Since
I have a Traditional IRA account, and a Roth IRA account. Since the Traditional IRA was contributed with after-tax money, if I convert them into my Roth-IRA account (I'm eligible to contribute to my R… read more
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A married couple who file jointly & both participate in 401k
A married couple who file jointly & both participate in 401k plans with their respective employers, each made Roth IRA contributions of 5,500 in 2015 for the 2014 tax year. They efiled their Federal F… read more
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Is there a way to legally reduce my adjusted gross income?
Is there a way to legally reduce my adjusted gross income? Apparently, I just barely exceeded the maximum adjusted gross income that would allow me to contribute to my IRA last year. Is there a way to… read more
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1. Made a contribution to Roth IRA in 2010 of $5000. Just
1. Made a contribution to Roth IRA in 2010 of $5000. Just realized today(3/31/2012) that this was excess contributions due to 2010 AGI of over $176,000 (married filing joint) and my 2011 AGI is also t… read more
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I have contributed to a Roth IRA for the last three tax years.
I have contributed to a Roth IRA for the last three tax years. My AGI was too high, I discovered, for tax years 2011 and 2010. I need to recharacterize the contributions...so I'd like to open a tradit… read more
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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
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Client contributed to a ROTH IRA but income is too high. He
Client contributed to a ROTH IRA but income is too high. He was advised by stock broker to leave the funds in the ROTH and file a form 8606. Is this acceptable?… read more
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I have a Roth IRA but due to joint income level no longer qualify
I have a Roth IRA but due to joint income level no longer qualify to contribute. I discontinued my $100 monthly contributions this year in September, so overpaid $900 for this year. While reviewing my… read more
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FIXING EXCESS ROTH IRA CONTRIBUTION I made contributions
FIXING EXCESS ROTH IRA CONTRIBUTION: I made contributions to an existing Roth IRA for 2009 and 2010 on March 20, 2010. I filed my 2009 Federal Taxes earlier, in February. There is nothing on my origin… read more
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Robin D.
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