fanfare
Level 15
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Retired taxpayer, forum participant. no connection with Intuit.
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"What am I missing/doing wrong?"Print and review Form 8606 to discern the calculation.@Psucsmc
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You have the option to go back to your records, as described,or put the entire amount on your current tax return.You should do it both ways and file the more fa...
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your penalty also appears on Schedule 2 Line 8and Form 1040-X Line 10 Col B and C.You can do the Form 1040-X manually if you are not form-challenged.You don't n...
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You have to amend 2023 and 2024 tax return to add Form 5329and include 2025 Form 5329 with your current tax return.@will-schachterle
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You cannot do a recharacterization after the tax due date, including extensions@will-schachterle
Activity Feed for fanfare
- Posted Re: Form 8606 Nondeductible IRA Entry Increases My Taxes Owed on Retirement tax questions. 8 hours ago
- Posted Re: Lump Sum Social Secutiy Payment on Retirement tax questions. Sunday
- Posted Re: i made excess roth IRA contributions in 2023 and 2024 and it is now past the due date. to fix... on Retirement tax questions. Sunday
- Posted Re: i made excess roth IRA contributions in 2023 and 2024 and it is now past the due date. to fix... on Retirement tax questions. Sunday
- Posted Re: i made excess roth IRA contributions in 2023 and 2024 and it is now past the due date. to fix... on Retirement tax questions. Sunday
- Got Cheered for Re: i made excess roth IRA contributions in 2023 and 2024 and it is now past the due date. to fix.... Sunday
- Posted Re: i made excess roth IRA contributions in 2023 and 2024 and it is now past the due date. to fix... on Retirement tax questions. Sunday
- Got Cheered for Re: Mandatory e-file and underpayment penalties - want to pay earlier. Sunday
- Got Cheered for Re: Mandatory e-file and underpayment penalties - want to pay earlier. Sunday
- Posted Re: If an RMD from one IRA covers RMDs for two IRAs, how is that recorded? on Retirement tax questions. Saturday
- Posted Re: I have a payable on death annuity distribution 1099R with box 2a blank and box 2b checked. I ... on Retirement tax questions. Saturday
- Posted Re: why is my 2024 amended federal return efile not going through on After you file. Saturday
- Posted Re: Mandatory e-file and underpayment penalties - want to pay earlier on After you file. Saturday
- Posted Re: Mandatory e-file and underpayment penalties - want to pay earlier on After you file. Saturday
- Posted Re: Investment acquired on two separate dates. Turbo Tax asks for date acquired. What date do I use? on Investors & landlords. Saturday
- Got Cheered for Re: Submitted tax file to IRS electronically, include form 8949. Do I still need to mail the form 8453 and 8949 to IRS?. Saturday
- Got Cheered for Re: Submitted tax file to IRS electronically, include form 8949. Do I still need to mail the form 8453 and 8949 to IRS?. Saturday
- Posted Re: how does turbotax calculate my rmd on Retirement tax questions. Saturday
- Got Cheered for Re: Roth recharacterization to Traditional, followed by backdoor back to Roth. Saturday
- Posted Re: Inherited IRA had to take an RMD. Paid 10% inc tax at that time. The prgram says the differen... on Retirement tax questions. Friday