[USER]

For 2024, I maxed out ROTH IRA, and we filed “Married Filing Jointly”.

Our MAGI is 320k due to a sale of an investment property.
Is there something I need to do,, I know I’m not eligible to contribute at all and should have used backdoor strategies.

Also, I didn’t receive any tax form either from the Fidelity for 2024 Roth IRA account.

This is what CPA responded: “If you did not receive a tax form, we are fine not reporting for the ROh, based on AGI would not get a deduction.”

[Anca]

You need a new tax preparer who knows what they’re doing. Just because you didn’t “receive a tax form” doesn’t mean you don’t have one. Did you check if your online account had a tax form?

If you opted for paperless it might be under your documents to download.

Also, have you consulted with your financial advisor during the year? You could’ve avoided this issue well before the end of December.

So, you need a new tax preparer and a new financial advisor unfortunately

[David]

You’ll have to remove excess contributions to stay IRS compliant. There is a form for it.

[Chris]

I had to do a contribution adjustment on mine because my MAGI exceeded the limit. When I file my taxes I elect to track my Roth IRA which is where it got flagged.

You just need to remove the contribution amount 100% OR find out what amount you were eligible to contribute.

Turbo tax told me what amount I WAS able to continue so that’s how I determined my amount.

For you, it would have to be a back door. You aren’t gonna receive any tax forms for a Roth IRA account I believe.

[Stephanie]

You (your tax preparer) need to determine how much you are eligible to contribute to the Roth.

Then if you are over that number, you need to work with fidelity to recharacterize the amount you are over (remove it and the profits / losses from your ROTH, and put it into a traditional).

[Author]

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