Hey guys, I'm a new investor in my early 20's and recently was filing my taxes when I ran into a snag. After hitting my $5,500 limit for IRA contributions for 2017, I contributed an additional $4,000 this past January (2018) under the assumption that it would go under my 2018 limit, as well as 2018 tax filings. When filing my taxes it asked for any contributions from January 2017 until April 2018. Now i'm looking into whether or not I have to claim the $4000 on this year's taxes or just put them on next years. I honestly am not trying to do any sort of tax fraud.. I have to complete the 5329 6% form on the excess contribution if I leave the money in my Roth account and claim it. I can withdraw my $4000 from my account but I'm afraid about an early withdrawal fee.. Any suggestions?
Submitted March 25, 2018 at 02:10PM by TwinsFan4life https://ift.tt/2pEQTbT
