I am stuck at the "Enter your basis in Roth IRA contributions" section of my tax form. In 2024 I closed and did an early total withdrawal of two Roth IRA accounts (One with a $2,142.44 distribution with $0 federal income tax withheld and another with $1,810.90 distribution and $181.08 federal income tax withheld) My total…
Hello, I need some help understanding my rollover + non-qualified distribution to minimize my tax liability (if any) and not get flagged for doing something silly. I had a Roth 401k with my previous job that I rolled over DIRECTLY to my Roth IRA. I received 2 1099Rs for this rollover. 1099R #1 X Total distribution Box1:…
During the beginning of 2024, I began contributing to a Roth IRA but as the year went by, I realized my income was going to be way too high to qualify for any contributions for a Roth IRA. I called Fidelity and withdrew all my funds. It was only around $900 and took the penalty. My question is, do I still have to report my…
I want to withdraw Traditional IRA funds this month for potential use in 2025. I am am not 59 1/2 yet. I am debating doing a Roth rollover vs paying the 10% penalty now. I have rolled funds over in 2021, 2022 and 2023. If I do a rolllover this month and decide to withdraw those same funds in 2025 (paying the penalty), do…
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