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…
Hello, I made over contribution in 2021. I didnt realize that mistake until later 2023. I withdrew the amount (at loss, so no earnings) in December 2023 to avoid further issues (i later realized that my MAGI was lower than threshold for full contributions). I received 1099-R after I filed my taxes so I didn't include it.…
I made a Roth IRA contribution for 2022 in 2023. Later in 2024, I realized I was ineligible to make direct Roth IRA contribution, hence I removed the excess contribution through fidelity and paid 6% penalty for 2022 and 2023 using form 5329. Now I received form 1099r with code J listing the amount that I withdrew ( 2022…
I did a backdoor Roth in 2023, but didn't make enough income to totally phase out of the deductible amounts. So when I put my Trad IRA contribution —> Roth IRA conversion information, FreeTaxUSA is "forcing" me to take the partial Trad IRA deduction, and wants to tax me on my Roth IRA conversion. I double checked that the…
I am stuck at the "Enter your basis in Roth IRA contributions" section of my tax form. In 2024 I closed and did an early total withdrawal of two Roth IRA accounts (One with a $2,142.44 distribution with $0 federal income tax withheld and another with $1,810.90 distribution and $181.08 federal income tax withheld) My total…
Hi, I have a similar problem as a recent user. I was paid $460 as a poll worker in 2024, but they (legally) didn't withhold any tax at all, and because it's under $600, I didn't receive a W-2. However, I completed a W-4, and the election board confirmed the above information, so I know these payments are considered wages.…
Hi, I recently discovered I contributed too much to my Roth IRA and have fixed the issue but I'm confused still how to report this on my taxes. I had contributed the maximum ($7k) and have withdrawn this amount. I understand I have to pay any taxes on any earnings for this and for ease of this question, let's call those…
Hi. On form 1099-R, Box 15, it asks for "State/Payer's state no." What State should go there? The "Payer" is TIAA, which is located in NC. My job was in NY. (I will file as a non-resident.) My residence is in FL. The 1099R was completed by TIAA and they put "FL" in Box 15. Is that a mistake? BTW: Box 16 "State…
Situation: Have done “clean” backdoor IRAs for a number of years. Really butchered it this year and learned my lesson to just do the backdoor if unsure about income. January 2024: Contribute $6.5K into Roth IRA for tax year 2023 February 2024: Realize MAGI is above the roth limit for 2023, withdrawal contribution + gains.…
I overcontributed to my Roth IRA for 2024 and will be requesting return of excess contributions before the tax deadline this April 2025. I understand I will be avoiding the 6% tax penalty and 10% early withdrawal penalty due to this on time corrective action. I also understand I have to report and pay taxes not on the…
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