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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
Is this service free? Ok. My question is what documentation
Ok. My question is what documentation and forms exactly do I need to send back the the IRS? I received a second notice CP2000 for tax year 2015. They are stating I underpaid my taxes by $8918. The reason is I converted a traditional IRA to a Roth IRA at the end of 2015 but then I recharacterized ALL of back to my original traditional IRA in 2/2016. I did not report this recharacterization on my 2015 1040 tax return because instructions for Form 8606 clearly stated not to include this form if you recharacterize all. However....what should I now send them? a 2015 8606 AND a 2016 8606? I have a 2015 1099-R for $27,915.20 distribution code 2 and a 2016 1099 - R for $4,860.23 distribution code R. I replied to the CP2000 letter by sending the IRS a copy of both the 2015 and 2016 1099 R explaining that the difference in $$ amount was because of lost in value between in those few months before I recharacterized it all back.. … read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
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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
Tax Advisor
Bachelor's Degree Equivalent
34,055 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
My IRA contributions went over the limit and I discovered this
My IRA contributions went over the limit and I discovered this after I filed my 2014 taxes. How can I fix this?… read more
Lev
Lev
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Bachelor's Degree Equivalent
34,055 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
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Bachelor's Degree Equivalent
34,055 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
Tax Advisor
Bachelor's Degree Equivalent
34,055 satisfied customers
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
Tax Advisor
Bachelor's Degree Equivalent
34,055 satisfied customers
I have some tax deductions, exemptions, and tax credit to
I have some tax deductions, exemptions, and tax credit to use, but not enough income for 2015 to cover those. I decide to convert some of my traditional IRA to Roth IRA for some taxable income. Howeve… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,055 satisfied customers
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
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,055 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
30,022 satisfied customers
On Sept 13, 2013 I put 5,500 into a Roth IRA. Jan of 2014 I
On Sept 13, 2013 I put 5,500 into a Roth IRA. Jan of 2014 I realized I didn't meet the income limit. I re-characterized the 5,500 + 800 interest into a Traditional IRA on Feb 10, 2014. Due to the curr… read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
2,158 satisfied customers
Did a direct rollover from a pension plan and a 401k to a ROTH,
Did a direct rollover from a pension plan and a 401k to a ROTH, did not realize full value was taxable. Can I request the IRS to levy the account for the current amount owed OR would it be beneficial … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 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
Hi, I converted $23171 in May 2010 from my Rollover IRA
Hi, I converted $23171 in May 2010 from my Rollover IRA to Roth IRA. I also contributed $5000 in 2011 to my Roth IRA. However, my Roth account value is now $2000 appx. viz. I lost almost all my conver… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,055 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 have a Roth IRA & I am 30 years old. I contributed $600 in
I have a Roth IRA & I am 30 years old. I contributed $600 in 2009 & also took a disbursement of $600 in 2009. I am looking to recharacterize my Roth IRA to a traditional IRA so I am not penalized for … read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I filed my taxes on 3/27/09 and repoted $5000 was contributed
I filed my taxes on 3/27/09 and repoted $5000 was contributed to my traditional IRA but after that I called my investment Co. and they told me that I had only contributed $3600 to my Rothbut they coul… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
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