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I am getting ready to retire and have pulled out an old IRA
I am getting ready to retire and have pulled out an old IRA that has not been contributed for over 12 years. I notice that for a few years the contribution went into a Roth IRA rather than a tradition… read more
Tax.appeal.168
Tax.appeal.168
Principal
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I have a question on ROTH IRA withdrawals prior to the age
I have a question on ROTH IRA withdrawals prior to the age of 59.5 and an established ROTH greater than 5 years old. These assets were transferred from my former employer as a rollover to a new wealth… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I am single and for 2018 i believe I over contributed to a
I am single and for 2018 i believe I over contributed to a Roth IRA. I filed a Federal Extension (but not a NY extension) for my 2018 Form 1040. May I withdraw the excess prior to 10/15 with no penalt… read more
emc011075
emc011075
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Bachelor's Degree
4,341 satisfied customers
Out of ignorance, I contributed $5,325 to my Roth IRA last
Out of ignorance, I contributed $5,325 to my Roth IRA last year despite not earning taxable income. I only learned of this rule today. I am presently employed and have already contributed $900 this ye… read more
Lev
Lev
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Bachelor's Degree Equivalent
32,025 satisfied customers
Only ~$500 in earned income for 2018. No other forms of
Only ~$500 in earned income for 2018. No other forms of income in 2018 due to utilizing savings and strict budgeting. Start new job in 2019 and save $5,500 for a Roth IRA contribution towards 2018. Is… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,341 satisfied customers
Since I can't deduct my investment advisor fees this year on
Since I can't deduct my investment advisor fees this year on my taxes, I am taking a larger than anticipated hit with my taxes. I am over the modified adjusted gross income level by about $5,000, and … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,823 satisfied customers
IN 2017, I made a roth contribution for $5500. I also made
Hello, IN 2017, I made a roth contribution for $5500. I also made one for 2018 the following year. I soon realized that since my income is above $200k a year, i was not allowed to make those contribut… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Help filling out Turbo Tax when I have back door roth ira.
help filling out Turbo Tax when I have back door roth ira … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,823 satisfied customers
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.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I am aware of the ability to withdraw contributions to a
Hello Barbara,I am aware of the ability to withdraw contributions to a Roth IRA tax and penalty free. As a hypothetical, if I have 50k in a Roth, with 25k being contributions and 25k return on investm… read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,813 satisfied customers
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
Tax.appeal.168
Tax.appeal.168
Principal
6,603 satisfied customers
I need to withdraw 5000 dollars from my Roth IRA. What are
Hi, I need to withdraw 5000 dollars from my Roth IRA. What are the penalties. I'm 52 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,813 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
17,888 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
4,341 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
Retired
Bachelor's Degree Equivalent
32,025 satisfied customers
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
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,025 satisfied customers
I have contributed to a Roth IRA for the last three tax years.
I have contributed to a Roth IRA for the last three tax years. My AGI was too high, I discovered, for tax years 2011 and 2010. I need to recharacterize the contributions...so I'd like to open a tradit… read more
PDtax
PDtax
Owner
Master's Degree
4,832 satisfied customers
Hi, I make regular automatic Roth IRA contribution. Last
Hi, I make regular automatic Roth IRA contribution. Last year towards the end of the year, I sold some stocks that bumped up my income bracket substantially, making me ineligible for roth contribution… read more
Bill
Bill
Master's Degree
3,157 satisfied customers
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