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Quick $5 yes-or-no tax question: I know that a Roth IRA
I know that a backdoor Roth IRA requires that I file a form 8606.My questions does a backdoor 401(k) Roth contribution require I file a form 8606. Even though the initial non-deductible contribution and the rollover conversion occur within the 401k (no outside IRA involved), 1099-R and 5498 forms were still generated. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I received a 1099-R for a IRA conversion, where I made a non
I received a 1099-R for a backdoor IRA conversion, where I made a non deductible contribution to a traditional IRA and converted it to a Roth IRA. The code says 2 on the 1099-R, would the conversion b… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,394 satisfied customers
I contributed a total of $5,496 ($458 per month) to a
I contributed a total of $5,496 ($458 per month) to a non-deductible IRA during 2016. My income is too high to make contributions to a deductible IRA or a ROTH IRA. My financial advisor made a $7,000 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 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
8,394 satisfied customers
A couple who files jointly has AGI OF 400K. The wife, whose
A couple who files jointly has AGI OF 400K. The wife, whose income represents 380k of the 400k, is covered by a 401(k) plan.The husband, whose earned income is 20k, has no retirement plan. Can he cont… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,394 satisfied customers
I'm trying to figure out my taxes and I have a fairly
I'm trying to figure out my taxes and I have a fairly confusing (perhaps unusual) circumstance: While trying to pay taxes last year (April of 2014), I realized that I had made a contribution to my Rot… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,394 satisfied customers
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
Vocational, Technical or Trade School
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A taxpayer directly rolls Traditional IRA funds that were not
A taxpayer directly rolls Traditional IRA funds that were not deducted on his tax return into a ROTH IRA. Is this rollover taxable?… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
1,326 satisfied customers
A taxpayer closes out a Traditional IRA & rolls the funds within
A taxpayer closes out a Traditional IRA & rolls the funds within 60 days into a Roth IRA. The funds from the Traditional IRA were after tax dollars, as no deduction was taken on the taxpayer's tax ret… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Nondeductible Contribution to traditional IRA and conversion
Nondeductible Contribution to traditional IRA and conversion to Roth. Our income is too high for Roth contribution so we contribute to traditional IRA (fully nondeductible) and then convert to Roth. W… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Worried my accountant did my taxes wrong.I think my accountant
Worried my accountant did my taxes wrong.I think my accountant may have made a mistake when not reporting my and my husband's IRA conversions on our 2012 taxes.In 2011, I contributed as much as possib… read more
olwagner
olwagner
70 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
30,512 satisfied customers
Due to income limit, I have a nondeductible Traditional IRA
Due to income limit, I have a nondeductible Traditional IRA in a vanguard mutual fund ($5000 contributed for 2011 and $5000 contributed for 2012). I have no deductible Traditional IRAs. I also have a … read more
gregmey
gregmey
Financial Planning Associate
Bachelor's Degree
118 satisfied customers
I am 64 years old. I am retired and have current taxable income
I am 64 years old. I am retired and have current taxable income of about $68,000 per year. I have a total of $203,000 in 6 separate Traditional IRA CD's; the CD's have maturity dates over the next 3 y… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
I rolled over the full amount of my 401K in 2009 of $3500 to
I rolled over the full amount of my 401K in 2009 of $3500 to a Dodge and Cox Traditional IRA, when I was terminated from that job. Later in 2010, never having added to the IRA any personal funds, I ha… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I had 2 small traditional IRAS, with a total cost basis of
I had 2 small traditional IRA'S, with a total cost basis of $1729.12, converted to a roth IRA In 2009. the market value at the time of conversion was 1275.93, a difference of $453.19. I received a 109… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
do i pay an ordinary income tax on either ira roth and on
do i pay an ordinary income tax on either ira roth and on a regular ira if I close them out?… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
In 2006 my wife and I purchased a MINORITY share of a ...
In 2006 my wife and I purchased a MINORITY share of a privately held California S corporation. I took a Roth IRA withdrawl, in the form of a check made out directly to the seller of stock, to purchase… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
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