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Roth IRA tax implications question
Posted on 5/22/16 at 12:44 pm
Posted on 5/22/16 at 12:44 pm
My wife and I made monthly contributions to Roth IRA accounts in 2015. Informed by CPA that we were not eligible to contribute anything to the accounts because we had a bump in income compared to last year. Hers is with vanguard, mine is with Edward Jones. The EJ adviser recharacterized to Traditional IRA then converted back to Roth IRA stating that there was no limit on conversions. Vanguard just got moved to Traditional IRA and stayed there.
Both of the 5498 forms for 2015 report $5500 contributed in Roth IRA. Its all over my head. I just want to make sure I'm in the clear. Will the rechacterizations show up on next years 5498 forms?
Both of the 5498 forms for 2015 report $5500 contributed in Roth IRA. Its all over my head. I just want to make sure I'm in the clear. Will the rechacterizations show up on next years 5498 forms?
1
Posted on 5/22/16 at 1:51 pm to Bonjourno
This is called a backdoor Roth.
Posted on 5/22/16 at 2:32 pm to foshizzle
So I'm ok even though the forms are showing the Roth contribution? Should I have my wife's converted back to Roth?
Posted on 5/22/16 at 3:21 pm to Bonjourno
Am I understanding right...
You contributed last year to Roth.
Now recently y'all have a bump in income.
CPA tells you that you can't contribute because you are over limit?
Are you sure the CPA isn't referring to this year? Your contributions from 2015 should be fine.
(all of this could be incorrect)
You contributed last year to Roth.
Now recently y'all have a bump in income.
CPA tells you that you can't contribute because you are over limit?
Are you sure the CPA isn't referring to this year? Your contributions from 2015 should be fine.
(all of this could be incorrect)
Posted on 5/22/16 at 3:50 pm to HailToTheChiz
Our income from 2015 was over the limit.
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