New user to the software and hoping for some guidance. My employer allows for After tax contributions in my 401k. Last year I did 5k in after tax contributions of which I rolled them all to my Traditional IRA. I received a 1099-R for this which shows a 5,100 rollover and that only $100 is taxable for the gain. I then took…
This year I both contributed a non-deductible amount into my traditional IRA ($7,000) and also converted an existing deductible amount of my traditional IRA to a Roth IRA ($15,000) so I will need to pay taxes on the amount of $15,000. I'm not sure where to find a box to indicate that the $15,000 is the existing traditional…
Contributed $6500 to a Roth IRA in 2023. As I was filing in calendar year 2024, I realized I was over the income limit. Recharacterized the 2023 contributions in calendar year 2024, and performed a backdoor conversion. $7082 was recharacterized, and $7204 was converted from the traditional to the Roth IRA. I expected to…
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…
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