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In 2010 I was without a job and drawing unemployment for the entire calendar year. When I lost my job I stopped my automatic savings into my ING account and told Fidelity to skip several of the upcoming months for automatic deductions into my Roth IRA, thinking the time I gave myself to "skip" was more than sufficient for me to find a job. I generally ended up forgetting about it though until I saw the deduction notice in my bank account. This happened a few times throughout the year, as I was always more overconfident in my ability to find work than reality allowed. What this boils down to is I made mistakenly made $1200 worth of Roth IRA contributions when I had no earnings in the year and my only income was from unemployment. I always do my taxes myself, but I plugged everything into turbotax for shits and grins this year and it told me this is a no-no (Roth IRA contributions being maxed at earnings up to $5k). Is there an easy fix for this or do I need to talk to someone?
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Mar 6, 2011 07:25
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| # ¿ Apr 28, 2024 23:59 |
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furushotakeru posted:Your Roth custodian should be able to undo your contributions for the year if you contact them and let them know that you put more in than you were allowed. If you do this by 4/18 you should not be penalized for the contributions, but will pay tax and penalty on any earnings. Okay, that doesn't seem so bad. Thanks for the quick response. I'm glad I didn't wait until April 12ish to do my taxes this year like usual 
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Mar 6, 2011 09:14
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