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…
I contributed to both Traditional IRA and Self Employed 401K accounts for 2024. FreeTaxUSA factored in a deduction for both the IRA and 401K. After filing my 1040 I've received a notice from the IRS that you cannot take the IRA deduction if you've contributed to your 401K and MAGI is over a certain limit. IRS is now asking…
I started my Traditional IRA account back in 2023. During that year I contributed $3.5K, all the funds were non-deductible due to my AGI. Unfortunately, I made a mistake in my 2023's 8606 form and specified only $3K of non-deductible contributions. I bought $500 of FMSDX and didn't realize that Fidelity doesn't show money…
My wife and I with our combined income is over the modified AGI. We'd like to do a backdoor Roth IRA contribution, but I was wondering how much we can contribute to an IRA as we're married now. Can we do 14k total as a couple into 1 account, or do we have to do 7k separately in 2 different accounts?
I am thinking about contributing to an IRA. If I wait till February or March 2025, can I still contribute and make a deduction on my 2024 tax return for this year. Or am I out of luck?
Hello all! I have recently been reviewing my tax situation in preparation for potentially maxing out my IRA contribution for tax year 2024. Looking at tax years 2019 and 2020, I received a Form 5498 for contributions I made to my Traditional IRA (never contributed for any other years). For these 2 years, I was well within…
Hi, I contributed to a traditional IRA after the submitting my tax return. Later this year (eg May) I plan to convert my Traditional IRA to a Roth IRA through a backdoor conversion. I went back to amend my tax return and I included my contributions to my Traditional IRA. I added them, and noticed that my refund now…
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