In a prior post, we covered over-contributions into a Roth IRA. Now, let’s look at what the fixes are. Fix 1: Withdraw the Over-Contribution This is the fix I see most often, and is usually the best fix. If you catch the over-contribution before you file your tax return, you simply withdraw the over-contribution and […]
I’ve written about this before but now is a timely time to talk about it again, with tax season underway. I prepare a lot of individual tax returns, and one of the most-common compliance issues I see is: people contributing too much into their Roth IRA. One-hundred percent of the time, the person had no […]
Here’s a sample of questions my clients commonly have about retirement plan rollovers.
A non-deductible IRA contribution refers to money put into a traditional IRA, for which the taxpayer does NOT get a tax deduction.
This blog post defines what Roth IRA means