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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
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A taxpayer recently efiled his 2018 Form 1040. A few days
A taxpayer recently efiled his 2018 Form 1040. A few days after efiling it, he realized he overfunded his 2018 Roth IRA contribution with Vanguard. Fortunately, Vanguard had him recharacterize the con… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a question about re characterization and conversion
I have a question about re characterization and conversion between Roth and Traditional IRA. … read more
ABC Accounting Group
ABC Accounting Group
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955 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
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Is a 1099-R with box 7 code R taxable, roth to ira re
roth to ira re characterization in 2016 for rollover in 2015 generates a 1099-R with a box 7 code of R. It seems to me that that this movement of funds should be non taxable as the taxes should be paid upon withdrawal. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,981 satisfied customers
Recharacterize Roth ira question. Until 2013 I was doing
Recharacterize Roth ira question. Until 2013 I was doing Roth IRA contributions. For tax year 2014 I have opened SEP IRA as I was on 1099. For tax year 2015 I opened non-deductible traditional IRA in … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,981 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
4,551 satisfied customers
1099-R Gross Distribution and Taxable Income same number box
1099-R Gross Distribution and Taxable Income same number box 2b taxable amount not determined marked Box 7 is code 2 and IRA/SEP box marked. software showing all money taxable - Client says it's a bac… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Prior to April 15, 2015, our bankers advised us to simply "redesignate"
Prior to April 15, 2015, our bankers advised us to simply "redesignate" our 2014 Roth IRA contributions in excess of earned income as 2015 Roth IRA contributions to avoid the 6% penalty on earnings. W… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,663 satisfied customers
I'm trying to figure out my taxes and I have a fairly
I'm trying to figure out my taxes and I have a fairly confusing (perhaps unusual) circumstance: While trying to pay taxes last year (April of 2014), I realized that I had made a contribution to my Rot… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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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
17,888 satisfied customers
Worried my accountant did my taxes wrong.I think my accountant
Worried my accountant did my taxes wrong.I think my accountant may have made a mistake when not reporting my and my husband's IRA conversions on our 2012 taxes.In 2011, I contributed as much as possib… read more
olwagner
olwagner
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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
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In 2010, I made a ROTH contribution. In early 2011, I discovered
In 2010, I made a ROTH contribution. In early 2011, I discovered that my income exceeded the ROTH limitations. In 2011, I "recharacterized" the ROTH and funds were distributed from the ROTH and placed… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,981 satisfied customers
In June 2010 I converted $10,000 from IRA to roth. Bad move,
In June 2010 I converted $10,000 from IRA to roth. Bad move, value in roth went from $10,000 to $9000. So I re-characterized back. I understand that only $9000 went back into my IRA, but I have a ques… read more
Bill
Bill
Master's Degree
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My Dad converted an IRA to a Roth last year. He is 72 and recently
My Dad converted an IRA to a Roth last year. He is 72 and recently retired. He received two 1099R's from this transaction. One states the amount and then the code in box 7 is N which on the back says … read more
Merlo
Merlo
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558 satisfied customers
Last year, I transferred funds from a Vanguard Individual (non-retirement)
Last year, I transferred funds from a Vanguard Individual (non-retirement) mutual fund to a newly opened Vanguard traditional IRA account; that same day, I realized that I had made a mistake (I really… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
32,981 satisfied customers
In December 2006 I sent $3K to Schwab for a 2006 IRA ...
In December 2006 I sent $3K to Schwab for a 2006 IRA contribution. In Feb 2007, when I went to file my taxes, my CPA told me that I could not contribute to a traditional IRA because of earnings and my… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
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