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I rolled over 10k from a 403b account to a traditional ira.
I rolled over 10k from a 403b account to a traditional ira. I then withdrew the 10k for a first time home purchase. I forgot all about the annual ira limit though. I am wondering the best way to corre… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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IRS Tax Question: If I contribute money into my traditional
IRS Tax Question: If I contribute money into my traditional IRA in 2017, how long do I have to take it out? Is it October 2018? I already filed my tax return. Is there any penalty for leaving it in? W… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I accidentally contributed to traditional IRA in addition to
I accidentally contributed to traditional IRA in addition to maxing out 401k. The amount that I contributed to traditional IRA was taxed. What can I do fix this so I don't get taxed when I withdraw mo… read more
Arthur Rubin
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Doctoral Degree
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Here goes... I have 2 sub accounts with Vanguard that are a
here goes... I have 2 sub accounts with Vanguard that are a mix of 401K rollovers (pre and post tax contributions) and IRA (post tax contributions that were declared as deductions on my annual income … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,919 satisfied customers
ROTH 401k questions 1. Is the $18,000 amount the after tax
ROTH 401k questions1. Is the $18,000 amount the after tax amount you can put it or it is whatever's left of the $18,000 after taxes?2. When you put in your contribution amount is the % based off your … read more
emc011075
emc011075
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Bachelor's Degree
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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
Lev
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I have a specific question about my 401K overpayment in
Hello! My name is***** have a specific question about my 401K overpayment in 2016. Can you help me on this? … read more
ABC Accounting Group
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How to address excess deferral if the 401k has since been
how to address excess deferral if the 401k has since been rolled over to traditional IRA and I already got some money withdrawn from the IRA? Can I count some of that already withdrawn money as excess… read more
ABC Accounting Group
ABC Accounting Group
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We inadvertently put 700 into our Ira's and in using turbo
We inadvertently put 700 into our Ira's and in using turbo tax they told us because of our income we cannot put money into our IRA's. What do we do? … read more
ABC Accounting Group
ABC Accounting Group
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Our 2016 MAGI was $208k. I am 58 years old, filing jointly
Our 2016 MAGI was $208k. I am 58 years old, filing jointly with my wife (teacher, age 56) My 2016 W2 (box 12 D) showed that I contributed to 401(k) $15,620. My employer matches 5% of my compensation (… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I want to know what the maximum amount is that I can
I want to know what the maximum amount is that I can contribute to my traditional IRA if I already contribute to my 401K at work and my Modified Adjusted Gross Income is between 61K and 71K … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,340 satisfied customers
I have approx. 18k in a Roth 401k, 24k in a roth IRA, and
I have approx. 18k in a Roth 401k, 24k in a roth IRA, and 23k in a traditional IRA...I'm looking at buying a house in NY and would need some additional cash for down payment. I'm wondering which accou… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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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.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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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
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Bachelor's Degree Equivalent
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I am classified considered as a “highly compensated
Hi... I am classified considered as a “highly compensated employee” (HCE) per my company's 401k plan. Which has put a severe limit to my contributions… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 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
As a self-employed individual who gets paid in 1099s as well
As a self-employed individual who gets paid in 1099s as well as W2s, I'm trying to figure out what retirement plans are best for me when some years I get a lot of 1099 income and some years not much a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
HELLO, I JUST TOOK OUT A 401K LOAN FOR $20,000 AND I WAS TOLD
HELLO, I JUST TOOK OUT A 401K LOAN FOR $20,000 AND I WAS TOLD THAT I WILL BE PAYING MYSELF INTEREST AND NOT A BANK. IF THAT IS THE CASE, WHY SHOULD YOU HAVE TO PAY INTEREST AT ALL? IS THAT AN IRS REQU… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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