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My question pertain to how to complete your taxes to show
My question pertain to how to complete your taxes to show contribution to a non-deductible IRA and then convert to Roth IRA. My spouse does not work and I want to take advantage of the non-spousal IRA… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
In years 2013 and prior, I've converted a total of $20,000
In years 2013 and prior, I've converted a total of $20,000 from a traditional IRA to a Roth IRA. The money was taxed at the time of the conversion. I also did contributions of after tax money that tot… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
I recently left employment and have pre-tax dollars still
I recently left employment and have pre-tax dollars still invested within my former employer's 401(k) plan.Earlier this year, I made a number of transactions which moved money into my Roth IRA. 1. I c… read more
taxmanrog
taxmanrog
Master's Degree
2,064 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
2,064 satisfied customers
Here goes... I have 2 sub accounts with Vanguard that are a
here goes... I have 2 sub accounts with Vanguard that are a mix of 401K rollovers (pre and post tax contributions) and IRA (post tax contributions that were declared as deductions on my annual income … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,162 satisfied customers
My wife is converting money from an ESOP from a former
My wife is converting money from an ESOP from a former employer to a Roth IRA? We have not completed the rollover yet but need to determine how much money to put into the Roth IRA and how much to pay … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,162 satisfied customers
In 2013 I took out $8600 from a Xmas gift to a Roth IRA (in
In 2013 I took out $8600 from a Xmas gift to a Roth IRA (in other words not my own money or interest) for a medical procedure. I never got a tax form for it or filed anything. Later, I was told I was … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 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
35,814 satisfied customers
I am 23 years old, and I would like to convert a traditional
I am 23 years old, and I would like to convert a traditional 401k plan from an internship I did over the summer into a Roth IRA. There is approximately $600 within the 401k plan that was contributed b… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 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
35,814 satisfied customers
taxpayer retired and took a retirement plan from employer,
taxpayer retired and took a retirement plan from employer, the payment was a lump sum rollover. the bank they went to with the rollover classed the traditional retirement funds as a roth ira. however … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 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
20,865 satisfied customers
Hi, I have a question regarding IRAs. I opened an IRA Traditional
Hi, I have a question regarding IRAs. I opened an IRA Traditional account earlier this year contributing $11,000, $5500 for 2013 and $5500 for 2014. When I opened the account, I opened it up as a Trad… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
A taxpayer directly rolls Traditional IRA funds that were not
A taxpayer directly rolls Traditional IRA funds that were not deducted on his tax return into a ROTH IRA. Is this rollover taxable?… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
Hi. I have a Traditional IRA with just a few thousand dollars
Hi. I have a Traditional IRA with just a few thousand dollars in it, which I established with tax-deductible (pre-tax) money years ago before I had a 401k. Today, I am above the ~$180K income limit an… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am considering converting the after-tax portion of a 401k
I am considering converting the after-tax portion of a 401k into a Roth IRA and the pre-tax portion into a traditional IRA. From what I can tell the IRS seems to not have clearly weighed in as to whet… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
Ive heard about that from 2010 you can switch from traditional
I've heard about that from 2010 you can switch from traditional IRA to Roth IRA no matter what the income level is. Was it only in calender year 2010 or is it the case going forward? I have several mu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
I have a 401k, including a traditional (about $150k) and roth
I have a 401k, including a traditional (about $150k) and roth section(about $50k), from the previous employer. The assets are reported as a lump sum to me by the management company, but they says they… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,814 satisfied customers
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