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…
Wondering if it's possible to do a backdoor roth ira conversion using FreeTaxUSA?
Hello, I need help ensuring I am correctly reporting a transaction for my 2024 tax return. The Situation: In 2024, I contributed $6,999.96 to a Roth IRA but had no earned income for the year. In September 2025, before my tax filing extension deadline (Oct 15), I had my broker (Schwab) process a "return of excess…
I withdrew the excess roth ira contribution after 4/15 deadline but before the extension. Fidelity does not issue the 1099R until the following year February. In the 1099R screen, I attempted to report the taxable earnings on the withdrawal but I am required to fill out the employer details. Can I report the taxable…
Hey all, I was being overzealous and maxed out my contributions to both the 2024 and 2025 years. I am currently a student who utilized extra scholarship money that I had stuffed in a savings account to make those contributions (i.e. I have no reported earned income). I was not aware that I ineligible to make these…
Recently, I reviewed my Roth IRA and Traditional IRA to make sure I maxed out everything for 2024 and 2025. Since I was under the MAGI limit for 2024, I directly contributed $7000 to the Roth. For 2025, since I would be over the MAGI limit, I contributed $4000 into my tIRA and rolled it over, and then contributed $3000…
Hi, I've made contributions to a Roth IRA I opened in 2020 as follows: 2020 $6,000.00 2021 $6,000.00 2022 $6,000.00 2023 $6,000.00 2024 $3,000.00 This totals to $27,000. In 2024, I took a distribution from my Roth IRA in 2024 of $26,750.41. Would my Roth basis be $27,000 or $24,000?
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 met all the requirements to execute a 529 to Roth IRA direct rollover, and rolled over only the allowed amount per the annual limits. My MAGI means I would not be able to typically contribute to the Roth IRA at all. For the 529 rollover, how am I supposed to log this? Vanguard shows this as a contribution, so I don't…
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.…
It looks like you're new here. Sign in or register to ask and answer tax questions.