So long as the excess contribution and earnings were withdrawn by April 15, there is no 6% excise tax per IRC Section 408(d)(4) . It reads: (4) Contributions returned before due date of return. Paragraph (1) does not apply to the distribution of ...
Hello, I am a financial advisor, and a couple who are clients realized this week while finishing their taxes that their AGI well exceeds the limit to contribute to their Roth IRAs for 2025. My team was unaware that their AGI would be so high for 2025, ...
After several unanswered calls to her husband to find if the returns mailed 2.5 weeks ago were received & if there were questions, and then called and he indicated the return was received and no major issues were mentioned except he questioned why an ...
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