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Lane, the taxpayer contributed to Roth IRA for 2019 while
Hello Lane, the taxpayer contributed to Roth IRA for 2019 while her MAGI is above allowed threshhold for contributions. Can she reverse it to avoid penalties? how, if yes? She already has open stock p… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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A single taxpayer who had a 2019 adjusted gross income of
A single taxpayer who had a 2019 adjusted gross income of $25,000 and contributed $4,000 to her tradition IRA. Assuming she has a $2,000 income tax liability for the year, what is her maximum retireme… read more
ALEX O
ALEX O
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My wife is a non US Citizen and a Tax Non Resident Alien.
My wife is a non US Citizen and a Tax Non Resident Alien. She has been living abroad (outside USA) throughout 2019 and won't be filing a Tax return for Year 2019. She has plans however to return to US… read more
Lev
Lev
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Bachelor's Degree Equivalent
33,192 satisfied customers
A taxpayer who is over 70.5 years of age is to receive an
A taxpayer who is over 70.5 years of age is to receive an RMD from an inherited IRA by 12/31/2019. Can this RMD be invested in another qualified plan?… read more
Alexander Efros
Alexander Efros
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Here is my situation: - At the beginning of the year I was
Hello again Richard, Here is my situation: - At the beginning of the year I was employed by 2 different companies as a W2 employee (let's call them Company A and Company B). - I contributed $25,000 (I… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
Can a taxpayer recharacterize in a trustee to trustee
Can a taxpayer recharacterize in a trustee to trustee transfer a contribution made to a traditional IRA to a ROTH IRA after 12.31.2017?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,254 satisfied customers
I am 81 and just retired in August. I have a 401-k which I
I am 81 and just retired in August. I have a 401-k which I will not change yet as I am due to receive another employer contribution in February. Am I subject to an RMD this year? If not, will I be sub… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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A wife works and only has $1,000 in earned income can she
For LaneIf a wife works and only has $1,000 in earned income can she only contribute $1k to traditional Ira or can she still contribute the full 6K like with the spousal Ira… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
21,254 satisfied customers
IRA Investment information I've been taking a very active
second opinion] IRA Investment informationI've been taking a very active approach in my personal finances lately and I had a question about my Roth IRA. Now that I am filing jointly I'm not sure I can… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,041 satisfied customers
My wife switched jobs for 2018. The job she left had a
My wife switched jobs for 2018. The job she left had a retirement plan. But the new job she started did not offer a retirement plan until 2019. I was wondering since half of the year she did not techn… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
Is there an income limit for 2017 IRA contributions for
Is there an income limit for 2017 IRA contributions for taxpayers who do not participate in a plan at work?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,041 satisfied customers
My wife retired May 1. She has W2 from her last employed
Hi, my wife retired May 1. She has W2 from her last employed with box 13 checked for a retirement plan. She has been a private consultant since June. We would like to make an IRA contribution, but our… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
A SINGLE TAXPAYER, AGE 45, HAS W-2 WAGES OF $85,000 (PER
A SINGLE TAXPAYER, AGE 45, HAS W-2 WAGES OF $85,000 (PER W-2, SHE IS "NOT" COVERED BY EMPLOYER RETIREMENT PLAN) AND $50,000 OF SCHEDULE C SELF-EMPLOYMENT TAXABLE INCOME (FOR WHICH SHE HAS MADE A SEP C… read more
Robin D.
Robin D.
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I have a 403() account at work and, due to an error in our
I have a 403(b) account at work and, due to an error in our payroll department, did not make the max contribution in 2014. I am 57 years old. Can I still make a contribution today to an IRA that I hav… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
My wife and I are both retired. We both draw pensions from
My wife and I are both retired. We both draw pensions from what were (obviously?) qualified plans while we were working. My wife has returned to work (part time) with a different employer who offers a… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
My wife and I retired at the end of 2009. Her last day of
My wife and I retired at the end of 2009. Her last day of work was December 31, 2009. She didn't work at all in 2010. Due to the pay schedule at my wife's company (the last pay cycle was for 12/27/200… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
If T/P elects to participate in a Roth 401k at work, can ...
If T/P elects to participate in a Roth 401k at work, can he/she also contribute independently to a non- deductible IRA?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
33,192 satisfied customers
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