ROTH IRA

Forum|Forum|6 years ago
June 18, 2020
2 replies
9 views

Was just informed by client that they have been contributing to a ROTH for years. On this years diagnostic I checked for MAX on both IRA's and SEP for all clients. It stated there contributions were disallowed. Income too high. Two issues Lacerte should let that info print in the client letter. Second anyway to adjust clients amounts for over contributing?

Lacerte Tax

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Just-Lisa-Now-

Intuit Community Champion

I had a client do this years ago, he pulled it all out as soon as it was realized what he'd been doing was incorrect. We had to mail in the 5329s for those prior years where the income was too high and pay the penalties.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪