The most recent content from our members.
I inherited 2 Roth IRAs in 2019. The calendar would indicate I am at the end of the 5 year inheritance rule, but the 2020 covid law may mean I have until the end of 2025 to distribute the accounts. Is that true?
My mom moved from PA to AL in 2024, She has IRAs that were funded in PA, and are not taxable in PA. Are they now fully taxable to AL or do they have a basis and just subsequent earnings will be taxable to AL?
I am recently retired. I receive Annually approximately $23,000 in Social Security, and a Small Pension of approximately $12,000. I want to take money from an IRA account that I set up after transferring funds from my 401k plan. I am single and plan to take the Standard Deduction Exemption on my taxes. What is the maximum…
We are eligible to make a larger catch-up IRA contribution this year, but won't be able to contribute the full amount. If we make a smaller contribution this year, will we be able to do a catch-up in a later year?
I am thinking about contributing to an IRA. If I wait till February or March 2025, can I still contribute and make a deduction on my 2024 tax return for this year. Or am I out of luck?
Question about the tax liability for my deceased dad's IRA. As the executor, the $29k account was given to me, and I must now disperse it equally between us three children. My question is, how do I separate the specific fed/state responsibility aside from my roughly 50k income, as it all got taxed together as income? I…
Hi, I contributed to a traditional IRA after the submitting my tax return. Later this year (eg May) I plan to convert my Traditional IRA to a Roth IRA through a backdoor conversion. I went back to amend my tax return and I included my contributions to my Traditional IRA. I added them, and noticed that my refund now…
I followed step by step the Reporting a Backdoor Roth – Basic Scenario but my Roth conversion is not being generated properly. I can contribute directly to Roth IRA with my income(MAGI) but I did the Backdoor to learn the tax filing process. In 1040 its showing 4a. 6500$ and 4b. 6080$. I should not be having any taxable,…
Hi everyone, I'm currently a college student, and I only made $5000 in 2023 through a part-time job. However, I have contributed the full $6500 to my Roth IRA (because I have previous savings) for 2023. For that reason, I now have around $1500 of excess Roth IRA contributions that I need to take out before April 15 (I just…
Hi, I created and contributed to a traditional IRA in 2022. I then recharacterized it into a Roth IRA in February 2023, but it was applied to 2022 for tax purposes. I listed the recharacterization on my 2022 tax return on form 1040 Line 4a - IRA Recharacterizations. My MAGI was below the standard deduction, but I'm not…
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