I have contributed the $4000 annual limit to my traditional IRA, and I just remembered that I also rolled over about $1500 from my last employers 401k plan. Will I be penalized for going over the annual limit?
2007-11-26 18:14:26 · 4 answers · asked by Aaron K 1 in Business & Finance ➔ Personal Finance
not to worry it was just a transfer with the retirement system!!!t
2007-11-29 23:15:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not unless the contributions were made for the same year, Then only that year's contribution would count toward the $4,000 limit. The rest is treated as a previous year's roll-over.
If it is for the current year, you can request that the overage amount be removed from the 2007 contribution and credited to next year (In 2008). Ask them how to do it. They should know the rules. You probably will have to do it before the time you flie the 2007 taxes or you're screwed.
2007-11-26 18:24:17 · answer #2 · answered by Cid Young 4 · 0⤊ 0⤋
Nope! A rollover is just that. It comes 'in" on one line and "out" on another.
You show it for information purposes only.
(smart move)
2007-11-26 18:17:35 · answer #3 · answered by TedEx 7 · 2⤊ 0⤋
the first answer is 100% correct. The second? not even close.
2007-11-27 08:32:59 · answer #4 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋