Started filing my taxes and TurboTax informed me that I over contributed to my Roth IRA (I did the full $6000 and already put the money in FZROX). I accidentally over contributed by about $1600. What’s the move here? It seems I have to pay a penalty or remove the excess $1600. Could I then use the back door to get back to the normal $6k? Thanks in advance I’m new to this

like
Posting as :
works at
You are currently posting as works at

F

F

F lol.

Contact your finance company and have the overage applied to FY 23

1 option is to get the excess contribution recharacterized into a Traditional IRA

Related Posts

Hi IBMer . Can some one share amex related helpdesk number Of IBM India

like

Hey ladies, how to make 2019 less toxic and more of self love in this consulting world? Suggest your own ideas.

likehelpful

Eversana Vs Vanderlande both are offering the same compensation.
YOE : 4 years
Tech : Analytics

Hi EY folks I was said to take WFH initially during the screening but after joining they are asking me to work from client office atleast from Jan 2023 how do I handle this ? I can’t really work from office due to my family constraints rather I would resign 😨

Please suggest

likehelpful

Do work clothes fit me?
Are these outfits still in style?
Do I have to get my hair done?
What is a work shoe?

likefunny

How do we get invited to speak at TED (not TEDx)? I saw a few BCG partners+ speaking at TED but not really McKinsey partners

likeupliftingfunny

Hi All, is SAFe POPM exam online proctored??

like

Anyone in Southwest Florida know of Healthcare worker relief funds that are legitimate? Fort Myers and the surrounding areas were devastated and many critical workers have lost everything. Hospitals are evacuating and staff are moving away from whatever is left of their homes…please advise

like

Hi IQVIA friends, I am looking for some guidance here. Currently designated at Indegene as pre-sales solutions manager but work pre and post sales till delivery construct gets matured. Have experience in solutioning and strategising commercial and non commercial global content & web production, marketing communications and Omnichannel campaign, along with Patient Support Program design. 6yrs of experience Any roles that fit my skills at Iqvia ?

like

Hi everyone, I'm knew here. I was wondering if anyone had any idea what salary are like at ViiV Healthcare? I'm considering applying for a role there. Thanks

like

10% vix move after Wednesday opex. Will go long uvxy or vxx tomorrow afternoon or Wednesday as a 10% pop in vix is more than likely. Will buy shares to dump in premarket if necessary and will have limit sells for 5 and 10% based on vix close wednesday.

like

Drinking with the wolves.

Post Photo
like
like

Anyone know what Toronto ad schools are doing for portfolio reviews now?

like

Share a derpy photo of your cat 😂

Post Photo
likefunnyuplifting

Code Enforcement anyone knows who paying the most 47000 here

like

Hit me with the buzzwords you hate right now. I'm seeing "data visualization" so often in EVERYTHING I read that it's making my head spin.

like

Hello- I’m interviewing for a change of position at my current employer. It would be my first true sales role, I’ve been in sales support as a product BDM for about 5 years, but never had my own accounts and dedicated quota. Any advice for the interview process? What questions should I ask? Anything you wish you did before accepting a sales job?

like

Does anyone have insights on the company culture company culture comparison between Abbvie and BMS? Any other pros/cons of either company?

likehelpful

I have an in-person interview for an entry-level digital marketing role at an agency soon. It’s the final interview, and I’ll be meeting with the marketing manager + a couple others in the team. How can I prepare? and what sort of questions should I bring with me?

Appreciate any help!

like

Additional Posts in Personal Finance Bowl

Recently purchased a home and starting the design process - planning to spend $70k on furniture in the next 6 months (sourcing through designer, not through big box retailers). What are the best credit cards out there right now with 0% APRs and rewards/cash back? Partner and I have excellent credit.

like

Good resources to learn about which investment account types I should be using?

like

Is it worth it to pay for YouTube Premium?

401k allocation - is better to have constant rate throughout the year or try adjust for bonus? Currently with 155k base and target bonus of 30%.

like

Why do people buy condos if they don’t really appreciate in interest? Does that make sense as a first purchase?

Any advice of changing auto/home insurances?

My house is paid off and a family friend is willing to pay cash for my house. We agreed on the price and inspections have passed with flying colors. What steps do I need to take for the sale of the house without having to pay a realtor a percentage for doing nothing? All I need is a contract they protects both parties - does anyone know?

like

Have an acquaintance who is a single mom; she purchased a used car 3 mos ago. Six wks later her 17yo wrecked it, air bags deployed, and estimates have ranged between $10-$18k in needed repairs while $21k is still owed. Acquaintance was switching insurance policies and flubbed the coverage dates and there were a few days where the vehicle was uninsured. No GAP insurance. I'm not seeing many options for her besides to continue pmts, fixing just enough to drive or voluntary repo. Thoughts?

like

Question. What debt consolidation service would you recommend? Have some credit card debt accumulated from my wife that I’m thinking of consolidating. Get all kinds of offers in the mail but would prefer recommendations if you have any. Thanks.

like

What does 401k mean?

like

Do you have a money or business coach? If so, what kind or how do they help you?

If you don’t have a coach, what would be your criteria or circumstances to consider investing in yourself through a coach?

like

Anyone have experience transferring stock out of Computershare? Rolled my old 401k to a IRA and am trying to figuring the best/cheapest way to transfer my former company stock to my taxable acct. I assume transferring to the IRA is not possible

like

Keen to buy first home in Dubai but skeptical given the uncertainty around the global economy albeit high oil prices which is a positive for the region. What are people thinking? Anyone here from middle east?

like

Is there an easy/efficient way to figure out how much you've contributed to vs earned in your Roth accounts? I started contributing >20 years ago to my employer's Roth 401k and have rolled it over to a Roth IRA and moved it between multiple custodians, e.g. Fidelity, Vanguard, UBS, Personal Capital, etc. It is unclear to me how much I contributed vs how much I earned by investing it.

The purpose of doing this is I want to use $10K of it, but want to prove that the $10K is from my contribution.

like

Is bottle service ever worth it? Why is it so popular?

like

What’s up with people talking about withdrawing from retirement due to CARES Act and investing elsewhere?

like

Is FXIAX good for Roth IRA?

like

Rolled my old 401k over to a rollover IRA under the same brokerage and lost some money. What the hell did I do wrong? It was a direct rollover btw

like

I recently joined a company after being self employed. I’m on hubs’s health insurance. We have no kids. It’s United healthcare. The company offers United as health insurance. What’s the best way to compare plans? I have not been in this situation before so apologies in advance if this is a dumb question.

like

Can someone help me understand how backdoor Roth works in my situation?

I contribute the $19.5K max to a 401K each year. Would backdoor Roth be (A) the ability to roll $6K of that $19.5K into a Roth? or (B) an incremental $6K that I could contribute to a separate IRA then backdoor into a Roth?

Asked another way, does backdoor Roth allow me to actually contribute $25.5K each year, or does it just allow $6K of my $19.5K contribution to build in a Roth?

Thanks!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal