Last year, I had a temporary job that I earned $3000. I had another research opportunity from school that provided me with $5000 stipend.
I deposited both $3000 + $2500 into my Roth IRA for 2016 ($5500 maximum contribution).
This year, I received W2 for my $3000 job but no documentation (W2, 1099) for my research internship. I called the university and they told me to report it as a fellowship (publication 570).
I have the following questions:
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How can I report my research internship on my tax software? My problem is that I still keep getting an excess deposit made into my Roth IRA, I am not sure how to avoid this.
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I have made excess contributions of $2500 into my Roth IRA even though the limit is $3000. It is reporting an excess of $2500 and I will have to pay a penalty every year. What is my best option so I don’t have to withdraw the amount from my Roth IRA?
I am not sure how to best approach this and no tax consultant is able to assist me. Help!
Submitted March 13, 2017 at 10:02AM by throwawaytaxes911 http://ift.tt/2nfLyrH
