Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
CA, 44, YES, I have specific question regarding Roth IRA
I have specific question regarding Roth IRA contribution I have over subscribed my Roth IRA for 2020 My status is married filed jointly … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
1,603 satisfied customers
I have an excess IRA contribution from 2019 I need to
I have an excess IRA contribution from 2019 I need to correct. My understanding is that since I am past the time that I could "undo" it that I do not have to pull out the related income - just the con… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,753 satisfied customers
In March 2020 I contributed $2000 to a Roth IRA, designating
In March 2020 I contributed $2000 to a Roth IRA, designating it for a 2019 tax year. I just became aware that I was not able to do this as I did not meet income eligibility. What can I do? I cannot re… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,366 satisfied customers
If I invested in my 401k but didn't take out any money from
If I invested in my 401k but didn't take out any money from it, are the earnings on the account classified as income under ordinary tax rate for that year? … read more
Rick
Rick
MBA
11,771 satisfied customers
Contributed more to ira than earned income in 2020. withdrew
contributed more to ira than earned income in 2020. withdrew excess in january 2021. Do I report withdrawal on 2020 or 2021 tax return? … read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,366 satisfied customers
I fully funded my Roth IRA in 2020 and just noticed that my
I fully funded my Roth IRA in 2020 and just noticed that my MAGI for that year was to high to put any money into Roth. Do I have to convert the Roth into a traditionell IRA now? Or pay a penalty and k… read more
JeffS6413
JeffS6413
Principal/Advisor
Master's Degree
2,366 satisfied customers
I have a question regarding an excess roth IRA contribution.
I have a question regarding an excess roth IRA contribution. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,347 satisfied customers
Due to w2G income and 10-99 income, it appears my MAGI will
Due to w2G income and 10-99 income, it appears my MAGI will exceed the limits for ROTH IRA contributions for 2020. Are there any strategies to avoid having to withdraw excess contributions and gains? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,347 satisfied customers
This is to my question to you on November 20, re: Roth IRA
This is a follow up to my question to you on November 20, re: Roth IRA overcontribution:Taxpayer made a $12,000 contribution to a Roth IRA on July 1, 2020 for the 2019 tax year. His 2019 returns were … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
I contributed a nondeductible sum from my Individual account
I contributed a nondeductible sum from my Individual account to my Roth IRA this year. However, I have just realized that I do not have (and will not have) any earned income for 2020. I can transfer t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,347 satisfied customers
I made a contribution to my Roth IRA using unearned income
I made a contribution to my Roth IRA using unearned income for the tax year 2019. If I leave the money in there I will be assessed a penalty every year because it is unearned income. If I take a distr… read more
ALEX O
ALEX O
Partner O & G Tax
Master's Degree
5,401 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
Attorney
Doctoral Degree
3,013 satisfied customers
I think I made a mistake with contributions to a Roth IRA
I think I made a mistake with contributions to a Roth IRA last year. I make too much to contribute to a Roth so I usually do the backdoor. My last 1099-R shows code N in block 7, instead of (what I th… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
9,581 satisfied customers
I am 70 and my wife is 68. We have no earned income but our
I am 70 and my wife is 68. We have no earned income but our 2018 taxable income will be about $36,000. Our AGI about $62,000. … read more
Alexander Efros
Alexander Efros
Financial Planner/Tax Specialist
Masters of Business Administration (MBA)
1,341 satisfied customers
What can happen if I contribute too much to my IRA?
What happens if I contribute too much to my IRA in a tax year? Let's say the max I can contribute is $3,250, but I contribute $3,500 instead – is there a penalty? Does my IRA become fully taxable? I h… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
23,416 satisfied customers
A sole proprietor contributed excess SEP contribution on
A sole proprietor contributed excess SEP contribution on April 18, 2016 towards his 2015 contribution. He is amending the tax return to reflect the correct amount of SEP contribution. How does he with… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
41,347 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
41,347 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
6,508 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

6,039 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

838 satisfied customers

B.A., M.B.A, J.D.

Loren

Loren

Attorney

741 satisfied customers

Over 25 years practicing law

Robin D.

Robin D.

Senior Tax Advisor 4

23,416 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,667 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x