Hi HiveMind, 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? Thanks!
Are we in one of the rare situations where cashing out a 401K makes sense? [more inside]
I got a large bonus this year which will probably never be repeated. After taxes, it was 26K. I don't have any immediate needs (no medical issues, etc), and I know next to nothing about investing. Given this economy, what should I do with it? Stocks? Bonds? Saving account? IRA? [more inside]
How do I calculate the cost basis for stocks that were inherited by my father, who later gave them to me? [more inside]
CanadianTaxesFilter: Can I legally claim some of my debt as an "investment expense" if I give up my second job to focus on my business? [more inside]
Tell me about your experience with investment partnerships. (Multiple questions inside.) [more inside]
I am an American interested in buying property in Berlin. Do any other Americans with experience in this have any advice to offer? [more inside]
Are there tax consequences from buying and selling stock within a Roth IRA? [more inside]