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I over funded a ROTH IRA in 2018. I put $3000.00 in but only
I over funded a ROTH IRA in 2018. I put $3000.00 in but only have 1254.00 in reportable income for 2018. I began the process to close out the IRA last week. I also opened a new IRA last week and depos… read more
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I have a complicated situation. I have been an avid user of
I have a complicated situation. I have been an avid user of downloadable tax software. Specifically, Turbotax. My situation is this, I have misconceived the information regarding contributions to my trad. IRA. My husband and I married in 2013. Prior to that I have made deductible contributions to my trad. IRA for several years with a deduction to my tax return every year. Because the tax laws change yearly, I misunderstood the following: … read more
Robin D.
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Vocational, Technical or Trade School
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I am 70 and my wife is 68. We have no earned income but our
I am 70 and my wife is 68. We have no earned income but our 2018 taxable income will be about $36,000. Our AGI about $62,000. … read more
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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
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In 2012, 2013, 2014, 2015 and 2016 I fully funded a ROTH IRA
In 2012, 2013, 2014, 2015 and 2016 I fully funded a ROTH IRA when my MAGI was too high to allow this. I believe I need to remove the money from the account and pay the 6% penalty for every year it was… read more
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In calendar 2017, I made excess contribution to my Roth IRA.
In calendar 2017, I made excess contribution to my Roth IRA. I will withdraw excess contribution and interest earned prior to filing tax return. Will the interest earned be reported on my 2017 return … read more
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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
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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
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A taxpayer turns 70.5 years old on 8/24/2015. She is still
A taxpayer turns 70.5 years old on 8/24/2015. She is still employed & defers 24k into her employer's 401(k) account. She files jointly with her husband & their AGI is 800k. Therefore, she & her husban… read more
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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
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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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Do I have to file my 5498 Roth contribution statement? My husband's
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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 made an excess Roth conribution in 2010. I withdrew the
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I have a Roth IRA but due to joint income level no longer qualify
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Bill
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My AGI exceeded 105,000 in tax year2008, but I had rolled over
My AGI exceeded 105,000 in tax year2008, but I had rolled over assets to a ROTH IRA as part of an exit package when I left my old employer. I am struggling to find out what forms to file to allocate s… 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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I had to draw out my IRA ($24,000 was a regular IRA and $4000
I had to draw out my IRA ($24,000 was a regular IRA and $4000 was a Roth IRA). My financial institution withheld state and federal income tax (at my request) from the regular IRA. In addition to the 1… read more
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