All Forum Posts by: Account Closed

@Colin G Murphy, thank you for your reply. I am having some trouble at the moment sending new DMs, but I sent a connect request. Hopefully, you'll see it come through soon. Thanks again!

@Charles Carillo, thank you for your reply.  I am having some trouble at the moment sending new DMs, but I sent a connect request.  Hopefully, you'll see it come through.  Thanks again!

Hello everyone... getting back to the site after a long hiatus...

Looking for CPA referrals around the Tampa Bay Area. Preferably, someone who is experienced with owner financing, sandwich leases and other such terms transactions. Appreciate all recommendations. Thanks!

Hello everyone...  getting back to the site after a long hiatus...

Looking for attorney referrals around the Tampa Bay Area.  Specifically, someone who is doing closings and has experience with owner financing, sandwich leases and other such terms transactions.  Appreciate all recommendations.  Thanks!

Hey Scott...  I just called them again to make sure and, looks like there was in fact a miscommunication.  Again, thanks for the advice.

Hey Scott... again, thanks for the advice. I just hung up with TD Ameritrade and got the forms needed to take the money out of the Roth. However, they mentioned that I can recharacterize any contributions made prior to October 15, 2019, but must remove any excess contributed after that date... I went through the 590a document to which you referred me but could not find anything to that effect.  Have you heard about this?

Kyle, Kalung... thank you for the advise. Appreciate your taking the time to respond.

Brandon, Scott, Mike...  thank you for the advise.  Appreciate your taking the time to respond.

Hello all.

As I was preparing my tax returns, I realized my 2019 AGI exceeds the IRS income limits for full contributions to a Roth IRA, which carries a 6% penalty for every year the excess along with its corresponding return are left in the account. From what I have read so far, it is my understanding that I can remove this excess before April 15 to avoid all penalties.

However, what is not so clear to me are the options I may have after removing the money from the IRA and potential consequences of each option, such as early-withdrawal penalties, additional tax liability, etc. It is also not clear to me how to calculate and segregate the earnings/losses attributable only to the contributions made within 2019.

Appreciate any advice I can get on this. Also, appreciate any referrals to a good CPA around the Tampa Bay area with whom I may be able to consult on this.

Thank you in advance. Look forward to this discussion.

Hello all.

As I was preparing my tax returns, I realized my 2019 AGI exceeds the IRS income limits for full contributions to a Roth IRA, which carries a 6% penalty for every year the excess along with its corresponding return are left in the account. From what I have read so far, it is my understanding that I can remove this excess before April 15 to avoid all penalties.

However, what is not so clear to me are the options I may have after removing the money from the IRA and potential consequences of each option, such as early-withdrawal penalties, additional tax liability, etc. It is also not clear to me how to calculate and segregate the earnings/losses attributable only to the contributions made within 2019.

Appreciate any advice I can get on this.  Also, appreciate any referrals to a good CPA around the Tampa Bay area with whom I may be able to consult on this.

Thank you in advance.  Look forward to this discussion.