I met all the requirements to execute a 529 to Roth IRA direct rollover, and rolled over only the allowed amount per the annual limits. My MAGI means I would not be able to typically contribute to the Roth IRA at all. For the 529 rollover, how am I supposed to log this? Vanguard shows this as a contribution, so I don't…
Hi, I have a similar problem as a recent user. I was paid $460 as a poll worker in 2024, but they (legally) didn't withhold any tax at all, and because it's under $600, I didn't receive a W-2. However, I completed a W-4, and the election board confirmed the above information, so I know these payments are considered wages.…
I contributed a total of $7,000 to my Roth IRA for the 2024 tax year. When filing my taxes, I received an alert that I was contributing $7,000 over my limit. Is this correct? Am I not supposed to contribute anything to my IRA? And does anyone know how to fix this issue? \Solved: Social Security does not count as income,…
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…
My husband and I filed our taxes “married filing separately” last year. We live together and his MAGI was over $10,000. I just read that he should not have been able to contribute to a Roth IRA, which he did. I didn’t see a penalty when he filed his taxes last year. Does the IRS let you know when you have over contributed?…
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