Question by Kai: How do I declare roth IRA contribution for taxes?
I contributed $ 5,000 to my roth IRA in 2008. How do I declare this when filing taxes? My company has not provided any 1099 or other document, are they supposed to? I plan to file my taxes using Turbo Tax, how/where should I declare the contribution?
Awesome, thanks for the answers. I knew it wasn’t tax deductible, I just thought I had to declare the contribution as income. Thanks all for the clarification.

Best answer:

Answer by chatsplas
DON’T.
It’s Post-tax dollars.
Why aren’t you contributing to a 401k or traditional IRA? Then you get tax advantages. Can make contribution to IRA up to tad date.

What do you think? Answer below!

Question by momo: What’s the 2008 contribution limit for Roth 401k and Roth IRA combined?
Like the question asks what is the combined total limit for the Roth 401k and the Roth IRA? I’ve read too much conflicting information that you can contribute the full 5k in the Roth IRA and 14k in the Roth 401K? Then I’ve checked with financial advisors and they indicate otherswise. Hm, please CITE sources with your response, need accurate information.

Lastly, if anyone know what the combined limit between the Roth401k, Roth IRA and the traditional 401k also list it as well.

Thanks!
Can Icontribute to all three: Roth 401k, 401k and the Roth IRA?

I know you can do the last two but what about all three?

I am of course referring to just partial amounts so I don’t exceed the 15k annual limit and the as far as I know the 5k limit for the Roth IRA is considered separate. Thanks!
Forgot to mention within the Roth IRA AGI limits and under the age of 50.

Best answer:

Answer by v b
The 401K roth is simply another 401K choice. If the limit is $ 15,000, then if you put $ 10,000 into the ROTH 401K, you only have a potential $ 5,000 for the regular 401K.

Since a regular 401K doesn’t prevent one from contributing to a ROTH IRA, a ROTH 401K won’t prevent one either.

Add your own answer in the comments!

Question by pkmoney555: Is an excess Roth IRA contribution taxable when withdrawing it after the tax filing deadline with extension?
I contributed $ 6000 to a Roth IRA in 2006, which caused an excess of $ 2000. It is now after the tax-filing deadline with extension. I know that there is a 6% excise tax penalty already. My question is: Are there any taxes if I withdraw the $ 2000? And would the early distribution penalty 10% apply since I am under 59 1/2?

Best answer:

Answer by MukatA
No you only pay 6% excise tax. No other penatly. Here if the information:

In general, if the excess contributions for a year are not withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. The tax cannot be more than 6% of the value of your IRA as of the end of your tax year.

In general, you must include all distributions (withdrawals) from your traditional IRA in your gross income. However, if the following conditions are met, you can withdraw excess contributions from your IRA and not include the amount withdrawn in your gross income.

Total contributions (other than rollover contributions) for 2006 to your IRA were not more than $ 4,000 ($ 5,000 if you are 50 or older).
You did not take a deduction for the excess contribution being withdrawn.
The withdrawal can take place at any time, even after the due date, including extensions, for filing your tax return for the year.

What do you think? Answer below!

Me and my wife have been making Roth IRAs contributions for a number of years. In December of last year my wife started to work again and we figured that her income this year will push our joint income above the $160K cutoff for a Roth contribution. Before I came to that conclusion, however, I made a $1000 contribution to my Roth IRA  – which I now think I am not eligible to make. My institution says that they cannot cancel the transaction to make it look like no contribution was made. What will be the consequences of this mistake and is there anything I can do to fix it?

I am allowed a $5000 Roth contribution. I want to take $2000 from my traditional IRA and convert it into an existing Roth IRA. Can I put in $5000 PLUS the $2000 conversion, or does the conversion limit my contribution to only 3000 additional dollars this year?

I am using the online form that asks if I made any IRA contributions.What are they talking about? Is it both traditional and ROTH IRAs. Do I need to fill out any other forms to prove that I already paid taxes on the money that got contributed to my ROTH? Thank you very much.

Links to sites with information are appreciated.

 

I have contributed the $4000 annual limit to my traditional IRA, and I just remembered that I also rolled over about $1500 from my last employers 401k plan. Will I be penalized for going over the annual limit?

Is there a maximum contribution amount for employer-sponsored 401K plans? Does your total combined IRA contribution for ’08 (that’s Roth IRA plus 401K) have to be $5,000 or less?

I have both a Traditional IRA and a Roth IRA. Each IRA has a maximum annual contribution of $4000. Is this maximum for each type or IRA individually, or is it a total for all IRAs?

If it is per type, then I could contribute $4000 to my Roth, and $4000 to my Traditional in the same year.

If it is total, I could contribute $4000 split between the two.

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