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ROTH IRA

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Level 1

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?

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Level 15
Level 15

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♥¸¸.•*¨*•♫♪
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Level 15

"...Two issues Lacerte should let  that info print in the client letter."

Lacerte does, IF you enter that the contributions were made.

Former Chump... umm.... AllStar.
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Level 15
Level 15

Come on now, there's no crystal ball function to cover any situation that might arise that the preparer forgets to ask about?  😁


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪