All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Pioneer
Posts: 1
Registered: ‎04-16-2018

Roth IRA

I erronously doubled reported rental income which caused my income to be higher than what it was actually and  the software to tell me I over contributed to my Roth IRA because I hit the income ceiling.  So, I withdrew the "overage" and the earnings.  A month later I discovered the error.  2 questions...

 

1.  Can I return the funds and avoid penalties and fees, and

2.  What forms do I need to fill out?

 

 

Associate (Neighbor)
Posts: 400
Registered: ‎04-03-2013

Re: Roth IRA

If this is for the current year (2017 taxes):

 

Amend the tax return, and in the process make sure you would be eligible for the Roth IRA contribution. Mail the amended in, and you can still contribute to the 2017 IRA today.

 

Regards,

Caleb