Hi, I have contributed 7000$ in 2024 towards year 2024 to Roth IRA. In January 2025 I have contributed another 7000 towards year 2025. Now I got to know that I can not contribute to Roth IRA due to Income limits, so I removed all 14000$ as excess contribution in March 2025. Now I will receive form 1099-R in 2026 so how…
Hi, I recently discovered I contributed too much to my Roth IRA and have fixed the issue but I'm confused still how to report this on my taxes. I had contributed the maximum ($7k) and have withdrawn this amount. I understand I have to pay any taxes on any earnings for this and for ease of this question, let's call those…
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…
My wife over-contributed to her employer 401(k) in 2023. The excess contribution was withdrawn before April 2024, and the income was accounted in our 2023 taxes on form W-2. In 2025, we received a 2024 1099-R which lists the full withdrawal as taxable (Box 2a). The 1099-R Box 7 code is "E." When this is input to…
I worked two jobs and between the two, I over contributed about $500 on the sum of both 401(k)'s. Unfortunately since neither job say I over contributed on their individual plans, both are denying my ask for a distribution to correct the excess contribution. Since the overage won't be withdrawn, do I simply need to report…
In “Did you contribute to an IRA?” page: Enter any traditional IRA contributions You made during 2023. $7500 Enter any Roth IRA contributions Shaolong made during 2023: $7500 By clicking ‘Save and Continue’ button twice, in “Did you withdraw any contributions?” page, I was warned: “Excess Roth IRA Contributions. Johndow…
I have a question regarding the page Prior Year Excess IRA Information. There was a question: Did you withdraw the entire amount of all of your Roth IRAs? I contributed over the allowed amount for 2022 and later submitted a form(through td ameritrade) to withdraw the excess amount. The amount was withdrawn. I did not…
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