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?
Can I contribute the $7000 IRA Max to my personal Roth IRA, and still make payroll deduction contributions to my employer's SIMPLE (Roth) IRA in the same year? Do I have to stop contributing to my personal Roth IRA totally, if I want to exceed $7000 to my employer's SIMPLE Roth plan (or even max-out to $16,500)? I'm a…
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…
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