Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 09-04-2014, 02:33 PM
Junior Member
 
Join Date: Sep 2014
Posts: 3
Excess Contribution to ROTH IRA

For the year 2013, we made a excess contribution of 4992 in the ROTH IRA but realized late march of 2014 that we were not eligible to ROTH IRA because of our AGI. We removed the money from the the ROTH IRA before April 15th but need help to figure out how to report taxes. Based on the IRS document, the taxes for any income earned from the ROTH IRA would need to be reported in 2013 tax returns. We filed an extension in April so we could figure out how to report this. Also, I don't have any paperwork and wont be receiving it until early 2014. How do I report this so I can pay the taxes on the income earned which was 881.46. Also, would there be a penalty in addition to the taxes that I will pay. Appreciate everyone's help.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Removal of excess roth ira contribution with earnings kvenator IRA/Sep 1 09-08-2014 09:08 AM
Excess IRA Contribution sgs114 For 2013 1 03-03-2014 11:18 PM
Removal of Excess Roth Contribution StumpJumper For 2012 1 03-18-2013 10:31 PM
Excessive Roth IRA Contribution thewait IRA/Sep 0 01-30-2013 12:30 AM
Desperately searching for an answer -- Roth IRA excess contribution ashley421 IRA/Sep 1 03-26-2011 02:19 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning