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…
I contributed a total of $7,000 to my Roth IRA for the 2024 tax year. When filing my taxes, I received an alert that I was contributing $7,000 over my limit. Is this correct? Am I not supposed to contribute anything to my IRA? And does anyone know how to fix this issue? \Solved: Social Security does not count as income,…
Hello, I need some help understanding my rollover + non-qualified distribution to minimize my tax liability (if any) and not get flagged for doing something silly. I had a Roth 401k with my previous job that I rolled over DIRECTLY to my Roth IRA. I received 2 1099Rs for this rollover. 1099R #1 X Total distribution Box1:…
I started my Traditional IRA account back in 2023. During that year I contributed $3.5K, all the funds were non-deductible due to my AGI. Unfortunately, I made a mistake in my 2023's 8606 form and specified only $3K of non-deductible contributions. I bought $500 of FMSDX and didn't realize that Fidelity doesn't show money…
I had a Roth distribution in 2024. On the 1099-R, the gains are listed as a taxable amount. But, given this is a from a qualified retirement plan, none of it should be taxable. From the IRS website(https://www.irs.gov/instructions/i5329) I have to fill out a Form 5329. Quote: You received a distribution subject to the tax…
Made a big mistake and contributed to the max limit for Roth IRA for 2023, 2024, and 2025. Found out I wasn’t supposed to after speaking with a friend. I didn’t know that you need to earn income to contribute. I know…it was dumb and I should’ve done my research before listening to someone else’s advice. :\ I am not working…
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…
During the beginning of 2024, I began contributing to a Roth IRA but as the year went by, I realized my income was going to be way too high to qualify for any contributions for a Roth IRA. I called Fidelity and withdrew all my funds. It was only around $900 and took the penalty. My question is, do I still have to report my…
Roth IRA income limitations
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