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Excess IRA Contribution for 2024, Already Filed, Unsure How to Fix
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…
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Calculating Roth IRA basis for filing 2024 taxes
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?
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Amend 2024 tax return to add 5329 for excess Roth?
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…
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How should I be reporting a 529 to Roth IRA direct rollover?
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…
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Over Contributed Roth IRA
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.…
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Where do I report a traditional IRA to Roth IRA conversion?
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…
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Reporting 1099r code J
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…
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[Backdoor Roth] How to tell FreeTaxUSA that I want Traditional IRA contribution to be nondeductible?
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…
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What is the basis of my Roth IRAs if I made an early withdrawal?
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…
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Poll worker wages not included in earned income for Roth IRA contributions
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.…