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I misunderstood how IRA works and contributed both to
Second opinion] I misunderstood how IRA works and contributed both to traditional and Roth IRA for 2018 and 2019. I maxed out the contributions both years. E.g. 2018 5500 to both Roth IRA and traditio… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,083 satisfied customers
I misunderstood how IRA works and contributed both to
I misunderstood how IRA works and contributed both to traditional and Roth IRA for 2018 and 2019. I maxed out the contributions both years. E.g. 2018 5500 to both Roth IRA and traditional IRA (12000) … read more
James Daloisio
James Daloisio
Doctoral Degree
5,043 satisfied customers
I have contributed too much on my Roth IRA account 2019 and
Dear expert,I have contributed too much on my Roth IRA account 2019 and am going to fix it. I run into some problems on calculating the earnings. I contributed $5500 for 2018 and $6000 for 2019 in Jan… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,083 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
Retired
Bachelor's Degree Equivalent
34,083 satisfied customers
For 2018 Taxpayer had a Sched C Profit of $7,368 which
For 2018 Taxpayer had a Sched C Profit of $7,368 which suggests the 25% contribution limit after adjustments would be $1,353 Before preparing her tax return the TP made a contribution of $10,000 to th… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,083 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
18,818 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
18,246 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
18,246 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
Retired
Bachelor's Degree Equivalent
34,083 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
959 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
18,246 satisfied customers
If both spouses work, but only 1 employer offers 401k, can
If both spouses work, but only 1 employer offers 401k, can that spouse contribute $36k? How can we maximize our retirement contributions and reduce our taxable income if we make $240k?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,083 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
34,083 satisfied customers
A client made Roth contributions of $5,500 in 2013 and 2014,
A client made Roth contributions of $5,500 in 2013 and 2014, not realizing that his income exceeded the Roth threshold in both years. In May of this year, he learned of his error, withdrew the $11,000… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,083 satisfied customers
I contributed the max to my Roth IRA this past year (2014)
I contributed the max amt to my Roth IRA this past year (2014) but ended up making more than the max income allowable. Rather than filing a removal of excess, can I just count that as my 2015 contribu… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,246 satisfied customers
The majority of my income is not "earned income". But I babysit
The majority of my income is not "earned income". But I babysit in my home and earned a little over $10,000 in 2013. I am listing deductions for the home business such as rent, gas, elect, etc. That h… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,818 satisfied customers
Team, I placed $1,000 in a Roth IRA. However, my AGI
Team, I placed $1,000 in a Roth IRA. However, my AGI income exceed the limit that allows me to invest in a Roth IRA. What form or waht should I request from the fund to fill out so that I can put that… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
34,083 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
5,205 satisfied customers
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