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I was filing out the 8606 back door roth conversion and had
I was filing out the 8606 back door roth conversion and had 2 more questions. Line 6...do they want the total of my trad. and roth and my simple IRA balance combined at end of dec 31, 2019 OR just the… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
42,919 satisfied customers
If a client reaches the age of 70 during Feb 2020, therefore
If a client reaches the age of 70 during Feb 2020, therefore at age 70.5 in Aug will be responsible for RMD from their Trad IRA, which would be based upon Dec 31st, 2019 Acct Value.What happens if the… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
42,919 satisfied customers
My question is around conversion. I have a Traditional IRA
my question is around conversion. I have a Traditional IRA with Vanguard. I contributed $5500 for 2018. This year I have contributed $5500 so far and plan to make another $1000 to make total of $6500 … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
42,919 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
17,757 satisfied customers
ROTH rollover tax item I have a client wanting to do a"
ROTH rollover tax itemI have a client wanting to do a "backdoor ROTH" meaning making a non-deductible Traditional IRA contribution then rolling it to a ROTH.Does an inherited IRA have to be added to T… read more
Gerald, Esq
Gerald, Esq
Juris Doctor
429 satisfied customers
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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,757 satisfied customers
I made excess contributions to both my and my wife's ROTH
I made excess contributions to both my and my wife's ROTH IRAs in tax years 2013-2017. In 2018 before submitting my 2017 tax return I filed a 1097 with my IRA holder to remove both contributions and e… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
42,919 satisfied customers
Due to a math error related to 2017 consulting income, I
Due to a math error related to 2017 consulting income, I plan to amend 2017 tax filing. Since my corrected 2017 business income will be lower, I realize I have now over contributed to my 2017 SEP reti… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,757 satisfied customers
NEED YOUR HELP FOR THE CALCULATION OF THE EARNINGS OF EXCESS
NEED YOUR HELP FOR THE CALCULATION OF THE EARNINGS OF EXCESS I wonder if any tax professional could help me on this. I made an excess contribution on 4/8/2016 with the amount of $50000, and made anoth… read more
ABC Accounting Group
ABC Accounting Group
Bachelor's Degree
955 satisfied customers
I have a headache return of excess contibution problem, I
I have a headache return of excess contibution problem … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,757 satisfied customers
I am trying to move about $125k from a traditional IRA that
I am trying to move about $125k from a traditional IRA that is 100% deductible/post tax to a 401k. The plan was to then make a $5,500 non-deductible (after tax) contribution to a Traditional IRA, and … read more
taxmanrog
taxmanrog
Master's Degree
1,850 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
Tax advisor and Enrolled Agent
Bachelor's Degree
4,570 satisfied customers
Roth IRA. I have a very specific question about excess
Roth IRA. I have a very specific question about excess contributions to a Roth IRA. I am a tax preparer. My client made a Roth IRA contribution for 2016 in April of 2017. It then turned out that his i… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,757 satisfied customers
My amazon business funds were deposited over the last year
hi my amazon business funds were deposited over the last year into my checking account which was connected to my ira.i thought it was an exclusively a separate checking account only.how can i fix this… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,757 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
18,818 satisfied customers
My MAGI for 2012 was $141K (married filing jointly). Im an
My MAGI for 2012 was $141K (married filing jointly). I'm an idiot with finances, requiring both Quicken and Turbotax to make any sense of it. In 2012, I rolled over 32K from a previous job to an exist… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
2,693 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
18,818 satisfied customers
For 1998-2004 I worked overseas. From 1998-2002 I ...
For 1998-2004 I worked overseas. From 1998-2002 I contributed to a Roth IRA even though I excluded all of my foreign earned income. For 2003 and 2004 I correctly excluded the amount of my foreign earn… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
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