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1answer
28 views

Removed Excess Contribution HSA in next calendar year, received 1099-SA in current year

For Tax Year 2012 I had an excess contribution to my HSA. In calendar year 2013, before the filing deadline I removed the excess contribution to avoid the penalty. However, the bank holding my HSA ...
3
votes
2answers
84 views

How Do I Fix Excess Contribution Withdrawl

This is a kind of a straight forward situation but I made it little complex due to my limited knowledge of Traditional IRA and 401(k). In the year 2012, I was working as a contractor. I had a ...
0
votes
1answer
50 views

Change IRA contribution year

About two weeks ago, I opened a Roth IRA account and bought into a fund with $3000, the minimum investment. I designated the contribution as for the 2013 tax year. However, looking over my 2013 IRA ...
3
votes
2answers
63 views

Already made contributions to a Rollover IRA in 2013, but exceeded the income limit to deduct. What to do?

I switched jobs in February of 2013 and rolled over my 401(k) to a Rollover IRA, which as I understand it, is equivalent to a Traditional IRA. Over 2013, I contributed $4125 to the Rollover IRA and ...
2
votes
1answer
53 views

Over contributed to Dependent Care FSA for 2014

My husband and I just realized that we both contributed to our employer's Dependent Care FSA for 2014. He put in the maximum allowed $5,000 and I put in $3,600 for a total of $8,600. Unfortunately, ...
3
votes
2answers
76 views

Can you re-contribute withdrawn Roth IRA contributions?

This year I contributed the maximum of $5500 to a Roth IRA. I (foolishly) withdrew all of it later in the year, both principal and growth, bringing the balance of the Roth IRA to $0. Is it safe for me ...
6
votes
1answer
198 views

How can I self report and undo Roth IRA contributions, due to exceeding the AGI limit?

Contributions for Roth IRAs can be made through April 15 of the following year. Without getting into philosophical arguments about dollar cost averaging, my general principle has been to put the money ...
4
votes
3answers
1k views

Employer overpaid 401k - what's my liability?

My employer overpaid into my 401k account (ie: deposited an extra paycheck's worth of money into the account). I notified the HR/payroll person of the mistake, and they said they'd "look into it", ...
2
votes
2answers
125 views

What is the best option: conversion of excess contribution to traditional IRA; distribution, or leave for now?

I made a contribution to traditional IRA in '09. For various reasons, I did not receive some POD CD's of 2008 until now (2012). Now because of higher AGI for that year, figured on amended form, I have ...
5
votes
1answer
176 views

Do Roth 401(k) and Roth IRA plans share the same annual contribution limit?

I've contributed $2000 to my Roth 401(k) plan through my employer, and $4000 to my Roth IRA plan that is totally separate from my employer. My accountant says that the limit on Roth IRA contributions ...
7
votes
5answers
944 views

Could excess 401(k) contributions be used to game/maximize matches from different employers?

Suppose I max out my 401(k) really early. This avoids the risk that if I lose the job I would have lost the chance to contribute to it fully. However there is another risk. My company doesn't match. ...
6
votes
2answers
113 views

How can I correct over-contribution to an IRA?

I contributed $3000 to a traditional bank IRA and forgot about it. Later, I contributed an additional $6000 to an IRA annuity. So, I over contributed by $3000. How can I correct this error?
1
vote
1answer
100 views

TFSA over-contributions: How would the penalty apply in this scenario?

If my TFSA account is maxed and I want to transfer 5000 shares at $1.00 on August 2nd, 2011, and I was to sell the shares at $2.00 on January 3rd, 2012, would I have to pay tax on the gain plus 1% per ...
5
votes
1answer
124 views

Avoiding ammending taxes for forthcoming 1099-R for 2011 when filing 2010 for IRA

I over contributed to my traditional IRA last year. This was then converted along with all my traditional IRAs into Roth IRAs in 2010. Then in 2011, I recharacterized the excess and earnings from Roth ...
2
votes
2answers
221 views

What happens if TFSA contribution limits are exceeded?

When CRA says the annual limit for a TFSA is $5000, what does it mean? What happens if I put in $6000. The gains will be taxed? How exactly? Divide the gains by 1/6, then tax the 1/6 part???
5
votes
2answers
400 views

How can I back out excess IRA contributions when my IRA has a zero balance?

I accidentally over contributed $25 to my traditional IRA last year giving a total non-deductible contribution of $5025. This was then converted along with all my traditional IRAs into Roth IRAs in ...
2
votes
1answer
303 views

What do I do with excess contribution to traditional IRA that was converted to a Roth IRA?

I accidentally over contributed $25 to my traditional IRA last year giving a total non-deductible contribution of $5025. This was then converted along with all my traditional IRAs into Roth IRAs in ...