This year I both contributed a non-deductible amount into my traditional IRA ($7,000) and also converted an existing deductible amount of my traditional IRA to a Roth IRA ($15,000) so I will need to pay taxes on the amount of $15,000. I'm not sure where to find a box to indicate that the $15,000 is the existing traditional…
I made $7000 non-deductible contributions to my traditional IRA account for year 2024 and $6500 for year 2023. The 2023 contribution was done in 2024 before April 15. The immediately I converted all of it to Roth IRA. Because both contributions and conversion were made in 2024, I got a 1099-R form from my bank with the…
In 2024, I contributed $7K to a traditional IRA and bought an mutual fund. The mutual fund went down in value to $6,929. I then converted the full amount in my traditional IRA, $6,929, to my roth IRA, prior to Dec 31 2024.. My traditional IRA had $0 thereafter. My question is — FreeTaxUSA is reporting basis on the 8606. Is…
Hi. On one of my 1099-R forms, it encompasses three distinct events: two distributions from a regular 403b to a rollover IRA ($17K and $224K), and one distribution ($150K) from the regular 403b to a Roth IRA. The last question on the pages asks: "Did you roll over this distribution to a Roth IRA?" It does not let me…
Hi, In 2024 I made non-deductible Traditional IRA contributions and then converted that Traditional IRA balance to a Roth IRA. So I got a 1099-R for the distribution. I believe I correctly input the 1099-R and follow-up questions into FreeTaxUSA (yes this is a Roth conversion, my 2023 and 2024 year-end Traditional IRA…
I took a traditional 401k account and converted that into a Charles Schwab Rollover IRA, then transferred those funds into a Roth Contributory IRA. So now I have a 1099-R for this transfer. When trying to enter this information into my return the following questions are presented in yes/no fashion: "Is this a Roth…
I plan on retiring early and potentially pulling contributions from my roth IRA before the 59 1/2 year mark, since those can be distributed without the penalty. Besides the obvious contributions (directly adding cash from personal funds), does anything else count as a contribution? For example, when rolling over from roth…
This year I converted a traditional IRA to a Roth IRA so I will need to pay taxes on that amount. Which form will I expect to receive and does your software support the use of that form? I am hoping I can use FreeTaxUSA rather than paying an individual to prepare my 2024 tax return. Thank you!
I have a traditional IRA that I wish to roll into a Roth. I have an existing Roth, but want to roll it over to a new Roth. Will that trigger a new 5-year withdrawal penalty or does it go by the date I made the original old Roth which is 10 years ago?
We are donating an amount of cash to charity that exceeds the allowable 60 percent of our AGI. Can we do Roth conversions to raise our AGI for the purpose of keeping at that 60 percent limit?
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