I’m trying to make sure I’m reporting a Backdoor Roth IRA correctly and would appreciate some guidance. Here’s my timeline: 2024 contribution On April 9, 2025, I contributed $7,000 to my Traditional IRA at Charles Schwab. I designated this contribution for tax year 2024. When I filed my 2024 tax return, I answered “No” to…
In 2025 I participated in a paid fellowship program with the University of Texas HSC - Houston for a professional certification. Disbursement of the funds required completion of milestones at various intervals throughout the fellowship program, and continued participation until the fellowship ended in August 2025. What…
Hello, I am filing my taxes for 2025. I made a non-deductible traditional IRA contribution - meaning I was already taxed on that contribution. I am doing a standard deduction. How do I get the software to acknowledge this to create a F8606 form? If the software cannot do it, can I just submit it manually to ensure it's…
In 2025, after switching jobs I rolled over my 403b at my previous job to a new Traditional IRA at Charles Schwab. Will I need to wait for tax forms (1099-R or other) and will they be coming from the bank that held my 403b or from Charles Schwab. I did not take any distributions.
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…
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…
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 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?
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