I had two orphan 401(k) plans from old jobs that I rolled over into my (traditional) IRA this year. When I do my 2013 taxes, do I count those as part of my IRA contribution for the year? [more inside]
I'm filing my own taxes for the first time as a recent college graduate (using TurboTax -- so easy!) and I have a question with regards to my Roth IRA account.
In 2012, I graduated college and started a business. We didn't open for business until late November and I only paid myself $1,250 for all my work in 2012. I also opened a Roth IRA account and contributed $5,000 for the year. However, according to TurboTax, contributions to an IRA account cannot exceed earned income.
My question: can I simply report a $1,250 contribution to the IRA on my taxes and leave the $5,000 in the IRA? Will this get me in trouble? Should I merely take out the $3,750 and invest it in a different account? If noticed, could I just plead ignorance as my first time filing?
Should I roll over my 401(k) and then convert it immediately to a Roth IRA? [more inside]
My tax preparer reported I contributed more to my Roth IRA than I actually did. Does this matter? [more inside]
Can I keep my Roth IRA if I'm not working anymore? [more inside]
US Tax Filter: How do I report an asset transfer/rollover from an IRA into a 401k to the IRS so that we are not taxed for the amount? I know you are not my tax advisor. [more inside]
Can I opt out of paying income taxes on inherited retirement benefits in the USA? I won't be filing a tax return, anyway. [more inside]
Will opening a Solo 401(k) before year's end reduce my modified adjusted gross income (MAGI)? I'm a 28-year-old freelance worker with a sole proprietorship, and I'd like to be able to fully fund my Roth IRA for 2008 [more inside]
I inherited a proportional share (a third or a half, usually) of several small IRA accounts last March. I have yet to actually claim these inheritances or do rollovers for them, so technically they're still under the name of the decedent. Do I have any tax obligations for these for 2007? Does the decedent (meaning do I have to do anything for the decedent's 2007 return)?
I want to buy my first house AND not owe any Federal taxes for 2007...Traditional IRA Perhaps? [more inside]
Did my 401K just blow my IRA deduction out of the water? [more inside]
Health Savings Accounts (HSA's) ... Can they be used as just another tax-free retirement account after you max out your Roth IRA? [more inside]
Are there tax consequences from buying and selling stock within a Roth IRA? [more inside]
Should I open my Roth IRA now and buy what I can afford, or wait until I can afford the minimum investment in the fund I really like? [more inside]
Tax Attorney Filter: I contributed too much to my Roth IRA 3 years in a row. Should I be worried? [more inside]