I rolled over $7,000 through a qualifying 529 to Roth IRA trustee-to-trustee transfer, but FreeTaxUSA reports this as an excess contribution because of my MAGI. However, 529 to Roth IRA contributions can be made regardless of MAGI provided they're qualifying (under the annual limit, under the $35,000 lifetime limit, etc.)…
I have been going through all the literature and I need clarification on whether or not I'm reporting the taxes I paid on my Roth IRA conversion to the IRS. Here's my situation: I converted some pre-taxed dollars from my employer-sponsored 401K plan to my Roth IRA. The IRS classifies a conversion from a 401K to a Roth IRA…
In 2024, my wife took a once-in-a-lifetime IRA to HSA rollover. The money was transferred directly from a traditional IRA at one custodial company to an HSA at another custodial company. The 1099R for this rollover shows: The Distribution Amount, Taxable Amount not Determined is checked, Distribution Code 7 (normal…
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. On one of my 1099-R forms, it encompasses three distinct events: two distributions from a regular 403b to a rollover IRA ($17K and $224K), and one distribution ($150K) from the regular 403b to a Roth IRA. The last question on the pages asks: "Did you roll over this distribution to a Roth IRA?" It does not let me…
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