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Turbotax says I cannot make an IRA contribution for 2017. I
Turbotax says I cannot make an IRA contribution for 2017. I am now 68 as of 01/18. I made a cont. last yr $5000 (limit $6500). Why would I not be able to this yr? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
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.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Turbotax says I can have a $6500 IRA. My only income is SS
Turbotax says I can have a $6500 IRA. My only income is SS of 28K and RMD of 21K. I thought only earned income would allow me to have an IRA. Taking 6500 IRA will save me 1700 in income tax to fed. Is… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Question on opening an IRA to reduce my current 2017 tax
Question on opening an IRA to reduce my current 2017 tax obligation. I owe about 800 federal, looks like I can open an IRA and if I put in around 3000 it will take my tax liability to zero. Does that … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I file a joint return with my husband. I have a rollover IRA
I file a joint return with my husband. I have a rollover IRA and want to do a contribution for 2017 to be able to use it as a tax deduction. 2 questions: What is the cap on individual contributions th… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If a client is participating in a companies 403()? A) Can
Hi, If a client is participating in a companies 403(b)?A) Can they also contribution to their own Traditional IRA and deduct the amount, as long as the total contributions (Company + Trad IRA) does no… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
If someone contributed to a ROTH IRA IN 2015 but was not
if someone contributed to a ROTH IRA IN 2015 but was not entitled to it as they filed MFS but did not withdraw the amount and the interest earned until 2017 how is this reported? They have to amend th… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
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
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
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
Retired
Bachelor's Degree
14,896 satisfied customers
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
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
I finished and filed my taxes ,I took a 6,500.00 Roth
I finished and filed my taxes for 2015,I took a 6,500.00 Roth IRA deduction it did not change my tax liability at all,Should I try a traditional IRA,,How do I do that. If so how do I file an amended r… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have Form 1040 client that owns a husband/wife law firm,
Hi Stephen, I have Form 1040 client that owns a husband/wife law firm, each sharing $ 140K ($ 70K each) on a K-1 and $ 20K each on a W-2. I want them to fund a SEP IRA as well as their traditional IRA… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
15,569 satisfied customers
Hi Steve! How are you doing? Good I hope. Heres my query:
Hi Steve! How are you doing? Good I hope. Here's my query: Can a Sch C Sole Prop take the maximum Simple 401K allowed AND the maximum to a Roth IRA (or even a Traditional IRA). I believe she can.… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
My AGI for 2011 is 115k. I contributed 16.5k to the TSP (
My AGI for 2011 is 115k. I contributed 16.5k to the TSP ( federal employee ). As a result I do not qualify for a traditional IRA. My question is can I contribute to a ROTH IRA and if so can I then con… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Say you have both a Roth IRA and a traditional IRA. What are
Say you have both a Roth IRA and a traditional IRA. What are the rules for funding said entities for the 2010 tax year, and do the funds have to transfer during the 2010 tax year? What amounts can be … read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
RE Tradional IRA deduction.. For 2007 taxes I opened a
RE: Tradional IRA deduction.. For 2007 taxes I opened a $4000.00 Trad. IRA and they deducted 4,000. For 2008 taxes I was told the limit went to 5,000, so add $1,000 and they ded. $5,000 Now a new pers… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My question I recently (late 2008) rolled over all funds from
My question: I recently (late 2008) rolled over all funds from my AZ state retirement account into a traditional IRA, having quit my job and moved away from Arizona. I now reside in TN. I'm preparing … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
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