CoachKristine
Level 3
Activity Feed for CoachKristine
- Posted Re: Featured Discussion: Common Reasons You May Be in Debt on Debt management. May 11, 2022 11:40 PM
- Cheered Re: Featured Discussion: Common Reasons You May Be in Debt for ShannonB69. May 11, 2022 11:39 PM
- Posted Re: 2020 Excess Roth IRA contribution made in 2021 and removed in 2022 on Deductions & credits. March 19, 2022 12:04 PM
- Cheered Re: 2020 Excess Roth IRA contribution made in 2021 and removed in 2022 for DanaB27. March 19, 2022 12:03 PM
- Posted Re: 2020 Excess Roth IRA contribution made in 2021 and removed in 2022 on Deductions & credits. March 19, 2022 11:44 AM
- Posted Re: 2020 Excess Roth IRA contribution made in 2021 and removed in 2022 on Deductions & credits. March 19, 2022 11:42 AM
- Cheered Re: 2020 Excess Roth IRA contribution made in 2021 and removed in 2022 for DanaB27. March 19, 2022 11:42 AM
- Posted 2020 Excess Roth IRA contribution made in 2021 and removed in 2022 on Deductions & credits. March 18, 2022 8:52 PM
- Posted Re: Why is IRS using standard deduction for my 93 year old mother who is legally blind, when Itemized deductions apply as stated by TurboTax? on Deductions & credits. June 14, 2021 9:07 PM
- Cheered Re: I want more information about the tax credit Biden Administration implemented for Critter-3. June 14, 2021 8:58 PM
- Posted Re: Confused on how to enter my self-employed solo/individual roth 401(k) contributions in Business Income and Expenses on Deductions & credits. June 14, 2021 8:54 PM
- Posted Re: Why is IRS using standard deduction for my 93 year old mother who is legally blind, when Itemized deductions apply as stated by TurboTax? on Deductions & credits. June 9, 2021 6:44 AM
- Got Cheered for Re: I want more information about the tax credit Biden Administration implemented. June 6, 2021 9:00 PM
- Posted Re: Help. I'm on the " Your income" section. It is showing the $6900 of HSA contributions as income, yet that was my own money to start with. My employer made none. on Deductions & credits. June 6, 2021 5:24 PM
- Posted Re: I want more information about the tax credit Biden Administration implemented on Deductions & credits. June 6, 2021 5:17 PM
- Posted Re: Why is IRS using standard deduction for my 93 year old mother who is legally blind, when Itemized deductions apply as stated by TurboTax? on Deductions & credits. June 6, 2021 5:11 PM
- Posted Confused on how to enter my self-employed solo/individual roth 401(k) contributions in Business Income and Expenses on Deductions & credits. June 6, 2021 5:05 PM
- Posted I chose NY state in error on TurboTax desktop. on Get your taxes done using TurboTax. March 31, 2021 9:27 AM
- Posted Re: Balance Transfer on Debt management. August 5, 2020 4:14 PM
- Posted Re: Closing a Credit card on Debt management. August 5, 2020 4:07 PM
May 11, 2022
11:40 PM
@ShannonB69 @Awesome!!! You will not regret being debt free!! Ask me how I know!!?? Stay the course. You got this!! 👍🏼
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March 19, 2022
12:04 PM
Ok. Thought so. @Mike9241 had me a little concerned with his comment. thanks for verifying!
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March 19, 2022
11:44 AM
@Mike9241 hmmmm …. I’m pretty sure the earnings stay since I did not withdraw the excess contribution before the due date of the return.
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March 19, 2022
11:42 AM
@DanaB27 We only requested regular distribution, no earnings. It is my understanding earnings are only removed if the excess contribution is withdrawn before the due date of the return. Which was long past.
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March 18, 2022
8:52 PM
@DanaB27 - this has been an informative thread. I have a similar situation. Hoping you can verify the below are the correct action steps. In calendar 2020, $7000 Roth IRA contributions were made (age > 50+). In January 2021, an additional contribution of $3500 was made (in error) to the same 2020 Roth IRA, now causing a total of $10,500 in 2020 contirbutions. The tax return was filed. Calendar year 2021, only $3500 in Roth IRA contributions were made to 2021 Roth IRA. In March 2022, the error was discovered. The 2021 tax return is in prep mode, it has not yet been filed. This is what I have done so far to correct the error. Does the following seem correct or am I missing something? 1. contacted broker and have removed the excess $3500. When the check arrives, I'll turn around and make a $3500 Roth IRA contribution in March 2022 for a calendar 2021 contribution to equal $7000 total contributions for age 50+. 2. I returned to TT desktop 2020 and have created an amended 1040X return, including F5329 showing the $3500 as removed on line 25 and generating a $210 penalty showing on Schedule 2. (first year of excess) This return will be paper filed. There were a couple other corrections made still resulting in an overall add'l refund. 3. In TT 2021 I opened up Personal>Deductions & Credits> Do you have any Excess Roth Contributions... in 2021 or any previous year? yes> enter $3500> enter YE 21 value of Roth. This creates F5329 for 2021 tax return, line 18 $3500 excess cotnribution form line 24 of 2020 F5329. Line 21 $0. Line 22 $3500 for 'prior year excess contributions' Line 23 - blank (appropriate since no excess 2021 contributions) line 24 - $3500 for 'total excess contributions' line 25 - $210 penalty. (second year of excess was calendar year 2021) total penalties = $420 Next year in 2023 when I create my 2022 tax return, there will be no more penalty because the excess was removed prior to the due date of the return 4.18.22. The 1099R codes 'should' catch up with the F5329s and code P or 8 (?) should make it 'ok' I hope. Does all this sound correct? am I leaving anything out? Best to paper file this return too? or would e-file still be a good option? TIA!
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June 14, 2021
9:07 PM
@lindawash49-gmai - you should never post a personal phone number on a public website.
You can contact support as the other user stated since you paid for the TurboTax product. It does come with general support. Which generally leads you to the forums here. You can also go to [removed] and book a 30 minute call with me or because I am legit [removed] and reach me that way. Good luck.
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June 14, 2021
8:54 PM
@Mike9241 - sorry for delay in response. The answer is 'sort of.' Typing Keogh did not get me to a 'jump to' link in either Home n Biz in TTD or the TTO version, but I knew where I needed to go. I put it in the roth 401(k) section. Thx.
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June 9, 2021
6:44 AM
Yes - it will be difficult to get through to the IRS. I’m an Enrolled Agent and help people solve their IRS issues. I use a priority hotline as a Practioner and I too have trouble getting through. Are you using TT online? Or desktop? If desktop you will be able to see all the worksheets and information and ‘probably’ be able to tell what happened. If TT online it will be more difficult since it limits the ability to see any worksheets. I cannot say for sure, and in theory I agree the TT program should not have let that happen, but I suspect after having helped 1000s of people with their tax returns in the program (I used to work for TT) there may have been a box that wasn’t checked or some piece of info that was skipped over, causing the issue. I can try and help you outside this forum if you’d like.
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June 6, 2021
5:24 PM
Check your W-2, box 12 codes. Is there a letter W? This is for HSA contributions. TT will automatically populate this information in the correct section. "W—Employer contributions (including amounts the employee elected to contribute using a section 125 (cafeteria) plan) to your health savings account. Report on Form 8889, Health Savings Accounts (HSAs)." There should have been a question asking you to enter your HSA contributions. "Any contributions you personally made (not through your employer)." You may need to back out and start over in that Your Income section.
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June 6, 2021
5:17 PM
1 Cheer
If you are referring to the Child Tax Credit that will begin getting paid out in July 2020, Kiplinger's has an excellent calculator you can use. In general, you may be eligible to receive up to 50% of the child tax credit paid out through the months of July - December based on your filing status, number and age of dependents claimed on your tax return and your income. The IRS will use information off your most recent filed tax return, presumably your 2020 return, to automatically calculate this. This is an ADVANCE of the credit you would normally receive on your 2021 tax return when you file next year. The IRS is supposed to create a portal allowing you to update your information and/or opt out of receiving these payments.
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