How AI Legalese Decoder Can Make Navigating Roth TSP & Married Filling Separately Easier
- April 10, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
I recently got married last year, and my spouse and I have decided to file our taxes separately due to various reasons such as income differences and residency requirements. However, I recently discovered that I may have exceeded the Roth contribution cap for the year, as my adjusted gross income is above $10,000. This means that the money I contributed to my TSP account this year via Roth contributions (~$2000) is considered an over-contribution, and I am required to withdraw the excess amount to avoid penalties.
## Options Under Consideration
The options suggested to me through TurboTax include:
1) **Recharacterization of Funds**: However, I am not sure if TSP allows for this option.
2) **Withdrawal of Funds**: I am hesitant about this option as I am unsure if it would be considered a loan.
3) **Backdoor Roth Conversion**: While not suggested by TurboTax, I am considering this option if I am able to withdraw the excess funds.
## Seeking Advice
I am reaching out to the community to see if anyone has had a similar experience or could recommend the best course of action in this situation. Please let me know if more information is needed.
## How AI Legalese Decoder Can Help
AI Legalese Decoder can assist in this situation by analyzing the tax laws and regulations related to Roth contributions and providing personalized recommendations based on your specific circumstances. By inputting your financial information into the system, you can receive guidance on the best course of action to rectify the over-contribution issue and avoid potential penalties.
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Is this in your Roth TSP or Roth IRA?
You are confusing Roth IRA rules with 401k (TSP) rules. How much did you tell TurboTax you contributed to a Roth IRA?
Where are you getting income limits for TSP (Roth or traditional)?