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Hi everyone, I need some advice regarding a Roth IRA issue. In 2022, I contributed $6,000 to my Roth IRA, but I didn't have any earned income that year, and I didn't file a tax return myself. I'm aware that contributions without earned income are not allowed, so I have already withdrawn the $6,000 excess contribution from…
HI, I am over 65. I have a self-directed Roth IRA that I've contributed to and has been open for more than 5 years. Last year my company offered opening a Roth through work, which i took. combined I haven't contributed more than the maximum allowed. Can i take that money out of the work Roth and transfer it to my existing…
I overcontributed to my company's 401(k) for the 2023 calendar year by $130, and the excess deferral plus earnings are set to be distributed to me this month. I understand that I will not receive the 1099-R for the distribution until January 2025; however, I also understand that I am required to report the excess deferral…
All of 2023, my husband did not work. From Jan-May (I think) he was receiving insurance disability from his job, while waiting for SS Disability to be approved. He started receiving his disability starting October 2023. He hasn't received any back pay as of yet. Does my husband have to file taxes? Also, since I have W2's,…
I have a sort of odd 1099-R. Box 1 is $0 Box 2 is $0 (Total Distribution Checked) Box 5 is >$0 Every other box is $0. Distribution code is 1B. FreeTax won't let me fill out the 1099-R. What do I do here? Do I need to add the 1099-R as part of my return?
Hi, I created and contributed to a traditional IRA in 2022. I then recharacterized it into a Roth IRA in February 2023, but it was applied to 2022 for tax purposes. I listed the recharacterization on my 2022 tax return on form 1040 Line 4a - IRA Recharacterizations. My MAGI was below the standard deduction, but I'm not…
I did not. Why did I get this message? Also got it last year, if I remember correctly. Don't think it had any effect on my taxes, but I should not be getting this message. Thank you.
I have been retired for years and my taxes have been simple. I haven't had to do anything to have taxable income low enough to have zero taxes. That is about to change. I have been investing in courses and purchasing equipment for my new business, teaching martial arts online via a YouTube channel and Online Course…
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