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amother
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 Sat, Apr 20 2024, 11:07 pm
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choosing funds. If you put in the maximum allowed into an IRA and then after conversion to roth IRA but before you chose which funds to put it in, the money increased a few dollars over the amount, is that a problem? For example I put 6500 before april 15 into IRA. Then they made me wait a week before conversion to Roth IRA which I did on Friday. Then I had to wait a day to choose which funds. Now it says there's a 6508 and change, is that a problem?
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stillnewlywed
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Sat, Apr 20 2024, 11:16 pm
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Isn't the max for 2024 7k?
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Hashem_Yaazor
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Sat, Apr 20 2024, 11:20 pm
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You could do 2023 until April 15 which it sounds like she did and that max was 6500
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Shazam
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Sat, Apr 20 2024, 11:23 pm
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If the increase was before the conversion to the ROTH IRA, you would pay income taxes on the increase. If the increase is after the conversion, you're fine.
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amother
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Sat, Apr 20 2024, 11:50 pm
| Hashem_Yaazor wrote: | | You could do 2023 until April 15 which it sounds like she did and that max was 6500 | Yes I did it for 2023
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amother
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Sat, Apr 20 2024, 11:52 pm
| Shazam wrote: | | If the increase was before the conversion to the ROTH IRA, you would pay income taxes on the increase. If the increase is after the conversion, you're fine. | so I don't have to withdraw those few dollars? I think it was after, but if I have to pay taxes, that would happen on next years tax filing?
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Hashem_Yaazor
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Sun, Apr 21 2024, 7:56 am
Also you're allowed to do 2024 already before April 15, so while I'm not really much of an expert in tax law, if the overage was a problem for 2023, can't you just apply it to the 2024 max, and just put in a drop less than 7K?
(I really have no idea what I'm talking about, just thinking out loud.)
My husband might know if I remember to ask him.
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