The most recent content from our members.
Hi, This year I made nondeductible contributions to an IRA, which I will be converting to a Roth. This is my first backdoor Roth conversion. When is the best time to make the conversion? Should I wait until I file my taxes, which I normally do around the end of February or first week March?
Hi, I contributed to a traditional IRA after the submitting my tax return. Later this year (eg May) I plan to convert my Traditional IRA to a Roth IRA through a backdoor conversion. I went back to amend my tax return and I included my contributions to my Traditional IRA. I added them, and noticed that my refund now…
I followed step by step the Reporting a Backdoor Roth – Basic Scenario but my Roth conversion is not being generated properly. I can contribute directly to Roth IRA with my income(MAGI) but I did the Backdoor to learn the tax filing process. In 1040 its showing 4a. 6500$ and 4b. 6080$. I should not be having any taxable,…
I (regrettably) converted my 401k which contained Pre-Tax and After-Tax money into a Roth 401k, meaning I need to pay taxes on the Pre-Tax and After-Tax gains as it they were income. This was done in Jan 2024. My understanding is after I file taxes for 2023, I need to look at my 2023 Form 1040 and view line 24 (total…
Hello, For my 2023 taxes, I have both forms 1099R & 5498. When I file my tax return, where and how do I provide my 5498 information? I want it to be clear that I did not contribute beyond the 2022 contribution limit, and that I only made non-deductible & post-tax contributions. Details below: I completed most of my 2022…
I contributed $6000 to my Traditional IRA this year, and then it grew to $6500 by the time I converted it to a Roth IRA. Does this mean I can still contribute $500 to my Roth IRA, or does the $500 from the money I gained ($6000 → $6500) count towards the $6500 contribution limit? Thanks so much!
For example, let's say I make a large Roth Conversion to bring me to the top of the 24% tax bracket but now I want to see what the marginal tax would be for an additional $10K of Roth Conversion. Do I have to "create" a different tax payer to do this or can I just play with it in my own profile? Thanks!
It looks like you're new here. Sign in or register to get started.