In 2024, my wife took a once-in-a-lifetime IRA to HSA rollover. The money was transferred directly from a traditional IRA at one custodial company to an HSA at another custodial company. The 1099R for this rollover shows: The Distribution Amount, Taxable Amount not Determined is checked, Distribution Code 7 (normal…
I received 1099-r because I had to roll over my IRA. Which I did directly. There is no taxable amount for 2a, no check in 2b, nothing in box 4, box 7 is G, box 14 is empty and box 16 has same amount at the gross distribution in box one. I have not worked for a couple of years now, been in school and disabled vet, so I have…
Can I contribute the $7000 IRA Max to my personal Roth IRA, and still make payroll deduction contributions to my employer's SIMPLE (Roth) IRA in the same year? Do I have to stop contributing to my personal Roth IRA totally, if I want to exceed $7000 to my employer's SIMPLE Roth plan (or even max-out to $16,500)? I'm a…
Hi, January 2025 deposited $8000 (50 and older) to 2025 Roth IRA. Due to increase in wages my magi is too high and I will contact vanguard this week and have $8000 plus earnings re-characterized as a new IRA. My concern, what steps must be taken to fill out taxes properly. It should be a simple process but the more I read…
Just last month the IRS announced new limits for 401k and IRA contributions. Check out this press release from the IRS for all the details. A few of the highlights from the release include- "individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025." "The catch-up…
On December 31, 2024, I contributed the max to a traditional IRA ($7000). In early January 2025, I bought 25 shares of VTI in the IRA using that money. I thought I was within the income limit for contributions because in 2024 I had $0 W2, however, I had over $146,000 in stock options proceeds which I later realized (after…
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 2023 to Roth IRA but I recharacterized it in 2024. The immediately I converted all of it (both 2024 and recharacterized 2023 contribution) to Roth IRA. Because the conversion were…
I contributed to both Traditional IRA and Self Employed 401K accounts for 2024. FreeTaxUSA factored in a deduction for both the IRA and 401K. After filing my 1040 I've received a notice from the IRS that you cannot take the IRA deduction if you've contributed to your 401K and MAGI is over a certain limit. IRS is now asking…
Hello, Box 12 for me has a BB, DD, and an E When filling out Freetaxusa quesitons: Enter any traditional IRA contributions you made during 2024 and Enter any Roth IRA contributions you made during 2024 Which do I put where?
I turned 73 this year and read I must receive my first RMD by 4/1/2025, is this correct and what date should I use for the RMD calculation? Also what's the RMD date in subsequent years?
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