I made $7000 contribution to my Roth IRA in June 2025. Now while preparing to file the tax return, freetaxusa is showing me that I have an Excess Roth IRA Contributions. I checked with custodian (Fidelity) and they have option which I can use to withdraw excess contribution. They also provide he calculation for earnings…
I am a student in a non-compensatory role who receives a stipend categorized under a 1099-MISC every year. When I put it into the software, it notes that I have an excess Roth IRA contribution this year due to the 1099-MISC not counting as "earned income". Is that correct? A few sources online I've seen note that since…
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…
I’m trying to make sure I’m reporting a Backdoor Roth IRA correctly and would appreciate some guidance. Here’s my timeline: 2024 contribution On April 9, 2025, I contributed $7,000 to my Traditional IRA at Charles Schwab. I designated this contribution for tax year 2024. When I filed my 2024 tax return, I answered “No” to…
In 2025 I participated in a paid fellowship program with the University of Texas HSC - Houston for a professional certification. Disbursement of the funds required completion of milestones at various intervals throughout the fellowship program, and continued participation until the fellowship ended in August 2025. What…
Hello. I discovered that I over contributed to my Roth in 2022 because I was over the income limit (though within range for a reduced contribution.) I filled out a form 5229 for 2022 and 2023, which I already mailed in to the IRS and I paid the calculated tax via IRS direct deposit. I realized that I forgot to report the…
I rolled over $7,000 through a qualifying 529 to Roth IRA trustee-to-trustee transfer, but FreeTaxUSA reports this as an excess contribution because of my MAGI. However, 529 to Roth IRA contributions can be made regardless of MAGI provided they're qualifying (under the annual limit, under the $35,000 lifetime limit, etc.)…
Hi, last year on 1/3/25 I made an excess $7000 Roth IRA contribution for the 2024 tax year. I did not remove the $7000 from the Roth IRA account and paid the penalty on my 2024 taxes. I am now filing my 2025 taxes and am still incurring a tax penalty for the $7000 excess 2024 Roth IRA contribution that I left in the…
Hello, In 2025, I rolled over my traditional 401k to my Roth IRA. I just received my 1099-R, and the taxable amount on there is 0, box 2b is empty, and box 7 is marked with G. This is likely because the originating institution could not know whether I would rollover the money into a trad or Roth account, which makes sense.…
This year I switched brokerages where I have my Roth IRA. I moved my IRA from Vanguard to Fidelity. It was a direct rollover and shouldn't be taxable from my understanding. Will I receive a 1099-R and do I need to include that on my taxes?
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