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Re: Turbo Tax - 401K After-Tax Rollover to Roth IRA

Turbotax acknowledged the bug. Hope it is fixed in desktop and online version soon.

http://turbotax.intuit.com/support/iq/R ... 66002.html
by cliffedelgado
Sun Feb 17, 2013 3:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax - 401K After-Tax Rollover to Roth IRA
Replies: 11
Views: 994

Re: Best way to take out money from VWITX

Thanks grabiner, that's what I was thinking of.

While the amount may be small, I would avoid the extra accounting if possible. Especially if you had reinvested dividends. Just wanted to point that out to OP should OP actually be near the 6 month mark.
by cliffedelgado
Mon Feb 11, 2013 9:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Best way to take out money from VWITX
Replies: 5
Views: 553

Re: Best way to take out money from VWITX

I thought that tax-exempt dividends lose their tax-exempt status if you hold the security for less than 6 months. And that the Vanguard cost basis does NOT take this into consideration. If this is true, then it does make a difference which one is taken out (if you wait a couple more months). Can any...
by cliffedelgado
Mon Feb 11, 2013 9:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Best way to take out money from VWITX
Replies: 5
Views: 553

Re: Free Turbotax Premier Online for Fidelity users

Bad news folks. Seems it was a mistake and Fidelity/Turbotax disabled it. My account was showing a charge of $49.99 just now whereas yesterday it showed $0. The good news is I chatted with Turbotax support online and they gave me a single-use code to still get premier for free. If you still want it ...
by cliffedelgado
Tue Feb 05, 2013 1:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Free Turbotax Premier Online for Fidelity users
Replies: 12
Views: 2257

Free Turbotax Premier Online for Fidelity users

Free Turbotax Premier Online (with e-filing) for people that have accounts at Fidelity. This is federal only. State is 36.99 extra. I believe this will also work for those with 401k at Fidelity. This would be another reason for people to use Turbotax. You will need to login. https://www.fidelity.com...
by cliffedelgado
Sun Feb 03, 2013 2:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Free Turbotax Premier Online for Fidelity users
Replies: 12
Views: 2257

Re: Buying a new car without having dealer do credit check?

See, you should have insisted on finalizing the price and going to get a cashier's check for it, WITHOUT filling out the credit application form. Once you sign that form, it doesn't matter that you left the SSN blank or told them you didn't want to have your credit run. The fine print of the form a...
by cliffedelgado
Mon Dec 31, 2012 3:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Buying a new car without having dealer do credit check?
Replies: 64
Views: 3860

Re: Buying a new car without having dealer do credit check?

Did you buy the car? If so, did you finance elsewhere, pay with a cashiers check, a personal check, or something else happened? I did buy the car and paid with a cashier's check. Filled out the "credit application" as they said (or rather implied, I can't remember now) it was required. Pu...
by cliffedelgado
Mon Dec 31, 2012 2:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Buying a new car without having dealer do credit check?
Replies: 64
Views: 3860

Re: Buying a new car without having dealer do credit check?

I can confirm no SSN is required for the dealer to pull credit report. Dealer just did this to me, and it was a hard pull. Not happy
by cliffedelgado
Mon Dec 31, 2012 1:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Buying a new car without having dealer do credit check?
Replies: 64
Views: 3860

Re: Wells Fargo Advisors : new fees starting 6/20/2012

I received a letter with the new fee schedule today, as well. Unless I'm misreading, it would appear that Wellstrade accounts linked to a PMA Package will still not incur any annual fees. However, the balance requirements to waive the $30 monthly service fee for the PMA Package have increased. Prev...
by cliffedelgado
Mon Apr 16, 2012 8:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo Advisors : new fees starting 6/20/2012
Replies: 94
Views: 9492

Re: How to add online only bank account to TreasuryDirect?

I've done this before. You do not have to go to Ally to do this. Any place that offers a medallion signature will work. For example, I went to a wells fargo branch and the branch manager has a medallion stamp. I added my ING account to treasury direct this way. You can call your BoA branch and ask i...
by cliffedelgado
Fri Apr 13, 2012 4:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: How to add online only bank account to TreasuryDirect?
Replies: 6
Views: 468

Re: After tax contributions to a 401k

Can anyone please explain me..who can do after tax 401K... 1) Called Vanguard and they said..it is only self employed or business owners 2) I see that here some people who work in mega corps...are able to do so..how so... I do not work for mega corp but would like do after tax 401K...is there any w...
by cliffedelgado
Tue Mar 13, 2012 2:33 am
 
Forum: Investing - Help with Personal Investments
Topic: After tax contributions to a 401k
Replies: 75
Views: 5520

Re: Question about after-tax 401k contributions

This page lists the order of the distributions from roth IRA. http://fairmark.com/rothira/distrib.htm Regarding "Thanks cliffe. Does that mean there is no place (or need) to report a 401k --> roth conversion while filing taxes?" The conversion/taxable amounts go on line 16ab but other than...
by cliffedelgado
Tue Mar 13, 2012 12:36 am
 
Forum: Investing - Help with Personal Investments
Topic: Question about after-tax 401k contributions
Replies: 21
Views: 1028

Re: Question about after-tax 401k contributions

For 2010, I got a 1099-R and the info went into Form 8606 part 3.

I just did my taxes for 2011 and the 1099-R info did NOT go anywhere on 8606. Similar as xerty24 mentioned, I also did not see any place in the 2011 8606 to hold this information.
by cliffedelgado
Sun Mar 11, 2012 10:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about after-tax 401k contributions
Replies: 21
Views: 1028

Does one immediately rollover the after tax contributions, or are the scenarios here stating at end of year? For me, I would have to call Fidelity after every pay check and manually alert them to roll it over, hopefully directly to Roth IRA. (I have no other IRA's, just an empty Traditional IRA). I...
by cliffedelgado
Fri May 13, 2011 4:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: After Tax 401K Rollover to Roth IRA, Continued
Replies: 63
Views: 30972

From the idea of the PP, can you still rollover a 401K while you are still employed with the company and contributing to it? This relies on the "in-service withdrawal". Allowed by the IRS but not all 401k plans allow it. And not all types of money in the 401k are eligible. Check your plan.
by cliffedelgado
Mon Apr 25, 2011 7:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: living abroad 401K question
Replies: 20
Views: 2324

Check if your plan allows post-tax contributions. You already know it does not take Roth 401k contributions. I believe you should be able to make post-tax contributions without pre-tax contributions, but it may depend on the plan. If so, then you want to check if it allows in-service withdrawals so ...
by cliffedelgado
Sun Apr 24, 2011 3:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: living abroad 401K question
Replies: 20
Views: 2324

Has anyone tried doing their taxes with the 1099R from after-tax 401k to Roth IRA using Turbotax? As described above, my 1099-R seems correct to me. However, when I put in the numbers, my total income is jumping by the COMBINED value of box 1 (gross distribution) and box 5 (employee contributions/de...
by cliffedelgado
Sun Feb 27, 2011 9:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: 1099-R tax question and in-service withdrawal
Replies: 17
Views: 2510

Since the after-tax check was made out to you, I'm guessing they could not put a G as it was not truly a direct rollover. The taxable amount is 0, and box 5 is the entire after-tax amount right? Gains part should be ok even though Box 2a (taxable amount) is 0. Since it was directly rolled over, it s...
by cliffedelgado
Sat Feb 19, 2011 8:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: 1099-R tax question and in-service withdrawal
Replies: 17
Views: 2510

Is this 1099R from vanguard or the other institution ? I thought if there's any problem in this, it would be from the sending institution.
by cliffedelgado
Sat Feb 19, 2011 7:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: 1099-R tax question and in-service withdrawal
Replies: 17
Views: 2510

wellmoneyed wrote:EDIT:Read more: I guess the hope/point is Step2 DOES NOT incur additional taxes.

Step 2 DOES NOT incur taxes on money that has already been taxed.
by cliffedelgado
Thu Jan 27, 2011 3:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

Strategy 2 and 3 both try to get the earnings into a Trad/Rollover IRA and the after-tax contributions into a Roth IRA. The difference seems to be in the exact steps to accomplish this. So are you saying that quadz42 steps sound like strategy 2 ? If so, that's where we differed. I was referring to i...
by cliffedelgado
Sat Jan 15, 2011 1:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

Sounds like you are looking to do something similar to strategy #2, which may not have the tax consequences you want. http://fairmark.com/rothira/09030801-401k-basis.htm I'm of the opinion that what quadz42 wants to do is ok and will not have any adverse tax consequences. I thought this scenario is...
by cliffedelgado
Sat Jan 15, 2011 12:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

Great point xerty24. The table in the link provided by quarterstock seems to put it fairly well. Watch out for the penalty for the taxable conversion part if under 59.5 and 5 year conversion holding. from http://fairmark.com/forum/read.php?2,54159 UNDER AGE 59.5 FIVE YEAR CONVERSION HOLDING PERIOD N...
by cliffedelgado
Fri Jan 14, 2011 1:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

Jumping in here. If I do have money in a tIRA(previous employer), but my 401(k) accepts rollovers, could I just roll the tIRA into the 401(k), and then have an empty tIRA and avoid problems with the prorata rule? Yes, that's what others have suggested as well. see http://thefinancebuff.com/the-back...
by cliffedelgado
Thu Jan 13, 2011 10:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

Thanks for looking into it BruceM and jpsfranks. I think I'll just treat it as a regular investment and not as an ESPP sale. The Turbotax ESPP guide is unable to take into consideration wash sales. (I'm using the Home & Business version) So the ESPP guide is useless in this regard. Going ahead w...
by cliffedelgado
Thu Jan 13, 2011 1:47 am
 
Forum: Investing - Help with Personal Investments
Topic: Handling ESPP wash sale in Turbotax
Replies: 6
Views: 2302

In my ESPP, we get a discount of 15% on the lower of the offering date and purchase date price. This link can show you some examples, though they don't explicitly show example of disqualifying disposition with capital loss. http://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Employee-Stock...
by cliffedelgado
Wed Jan 12, 2011 4:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Handling ESPP wash sale in Turbotax
Replies: 6
Views: 2302

Handling ESPP wash sale in Turbotax

Looking for some advice here regarding reporting an ESPP wash sale in TurboTax. Sold around 12/28/2010. New lot came in 1/3/2011. The sell was above my buy price, but below the FMV on the purchase day, so there was +W2 income but also some short term capital loss. I tried to input it into Turbotax b...
by cliffedelgado
Wed Jan 12, 2011 3:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Handling ESPP wash sale in Turbotax
Replies: 6
Views: 2302

Re: Expensive 401k, Want to Invest in Roth IRA

Will I get the full company match for the year, or will I only get six months of match ($800) since I will only participate in my 401k for six months (even though I will have $11,000 witheld for the year)? Would a better strategy be to participate in my company 401k for the entire year, but lower t...
by cliffedelgado
Tue Jan 11, 2011 6:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Expensive 401k, Want to Invest in Roth IRA
Replies: 10
Views: 938

Aha, thanks! So even holding a tax efficient ETF, like SPY, and holding forever, it will still throw off some taxable dividends annually I suppose, which can be significant as the portfolio grows? and some of those dividends may be taxed at higher tax bracket than the 15% is the moral of the story?...
by cliffedelgado
Tue Jan 11, 2011 6:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRa versus taxable account
Replies: 25
Views: 2920

Re: Question about International Funds on Schwab

I see, well that leads me to ask another question. My Roth 401k is on vanguard (and has the total int stock fund). If I want to just use vanguard for everything is there any reason to not just increase my contribution to the roth 401k (currently only 2.25% of salary) and just not even contribute to...
by cliffedelgado
Mon Jan 10, 2011 5:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about International Funds on Schwab
Replies: 11
Views: 1258

It's not really that complicated. The key there is a special rule that only permits taxable money to be rolled from an IRA into a qualified plan. It's an explicit exception to the pro-rata rule. So you roll into a TIRA, then roll back the taxable portion. Then do a conversion of the remainder. Some...
by cliffedelgado
Fri Jan 07, 2011 2:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

My 401k plan also only let me do an in-service withdrawal of after-tax + associated earnings. I rolled it all into a Roth IRA and will pay taxes on the earnings part. Some have suggested a way to avoid paying the taxes by rolling the earnings into a trad IRA and then back into the 401k, but that was...
by cliffedelgado
Fri Jan 07, 2011 2:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Extra $32,500 in Roth IRA - too good to be true?
Replies: 159
Views: 36372

Regarding ML: True you get 30 free trades/month if you have 25K in your deposit account. Watch out for the maintenance fee if you don't have 50K: CMA account maintenance fee $25 per quarter, per household. Waived if the client meets just one of the following criteria: Has total combined balances of ...
by cliffedelgado
Tue Jan 04, 2011 8:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Merill Lynch Versus Vanguard
Replies: 30
Views: 6291

********************************** Let's assume for the moment that I'm wrong in what I've said above. (It happens regularly :oops: ) Let's suppose that your employer lets you make the maximum of $49,000 of annual contributions (no employer match here). If you're under age 50, you get a $16,500 ann...
by cliffedelgado
Tue Jan 04, 2011 5:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: After Tax 401K Contribution
Replies: 65
Views: 17103

I just called my plan to ask... They said, the after tax 401K contributions are limited only to the 49K total plan limits including all my pre tax, post tax, and employer match. They also said this in no way affects me being able to put an additional 5K into an IRA outside this plan every year. Las...
by cliffedelgado
Tue Jan 04, 2011 3:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: After Tax 401K Contribution
Replies: 65
Views: 17103

It is my understanding that you may "save up" your qualified expenses that are not deducted on your tax return and reimburse yourself for them in a later year from your HSA with no tax consequence. Thanks FrugalInvestor and Cliffedelgado, and I'm glad to hear that one can withdraw from an...
by cliffedelgado
Fri Dec 17, 2010 8:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Has anyone reached their HSA deductible?
Replies: 24
Views: 3495

Someone in the other thread said they will waive transfer fees. I have yet to get the notice in the mail. I may use this chance to move my Roth IRA to Vanguard. What do you guys think ? I've got less than 10k in this account. Good points about keeping at Wells Fargo: Balance in IRA counts toward 25k...
by cliffedelgado
Fri Dec 17, 2010 3:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: For those being transported to Wells Fargo Advisors
Replies: 25
Views: 2782

Here is another question on HSA Accounts. Assume that one pays for a qualified expense out of pocket, and the deductible has not been met. Can one withdraw that amount from their HSA only for that tax year, or can the expense be carried to a future year and withdrawn? I understand that expenses wit...
by cliffedelgado
Fri Dec 10, 2010 5:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Has anyone reached their HSA deductible?
Replies: 24
Views: 3495

Ouch, I have some of PIMCO Total return in my 401k as well. (PTTRX)

Looks like it is due to capital gains distribution.
by cliffedelgado
Wed Dec 08, 2010 10:31 pm
 
Forum: Investing - Theory, News & General
Topic: PIMCO Total Return down -5.26%
Replies: 47
Views: 11937

No texting on my plan. I turned it off so I can't receive texts at all. This way, they also can't charge me. They still charge the sender of the text though...
by cliffedelgado
Tue Dec 07, 2010 9:13 pm
 
Forum: Personal Consumer Issues
Topic: How many Bogleheads pay for texting on their cell phone?
Replies: 91
Views: 8023

bearwolf - This is kind of what I'm getting at. So the deductible is with the HDHP, so if my deductible is $3,500, I have to spend $3,500 on medical expenses such as broken legs, car accidents, etc. that would require me to go to a doctor. OTC drugs, chiropractors, etc. all come out of my HSA, but ...
by cliffedelgado
Tue Nov 16, 2010 7:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Has anyone reached their HSA deductible?
Replies: 24
Views: 3495

Thanks. From your previous post, it seems like whatever amount you convert to Roth is treated as taxable income. So, if I made a contribution to a traditional IRA with after-tax dollars, and then converted to Roth, would I essentially be paying taxes twice on that money? No, there won't be double t...
by cliffedelgado
Mon Nov 15, 2010 6:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth Alternatives?
Replies: 18
Views: 1997

There are at least 2 possible options for getting money into a Roth IRA. 1) As you mentioned, open up a traditional IRA and contribute non-deductible money. Convert that to a Roth IRA 2) This is not as common as it depends on your employer 401k. Some allow you to contribute after-tax money to the 40...
by cliffedelgado
Mon Nov 15, 2010 4:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth Alternatives?
Replies: 18
Views: 1997

I may have an engineering degree, but I am not good at this sort of thing. Since the conversion has to be done by Dec. 31, 2010, and I won't get all of my 1099s until early 2011, how does one go about knowing how much to convert? The same technique of estimating/extrapolating your remaining months ...
by cliffedelgado
Sun Nov 14, 2010 9:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA conversion and long term capital loss carryover
Replies: 14
Views: 2406

I believe the Roth conversion counts as ordinary income, so you would not be able to offset more than $3K of it using loss carryovers.
by cliffedelgado
Sun Nov 14, 2010 4:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using Tax Loss for Roth Conversion
Replies: 2
Views: 498

I'm not certain I understand. My wife and I can contribute $5000 each, every year since we are both less than 50. Our prior IRAs are fully converted . Am I missing anything? Everything else is in profit sharing plans, 401Ks and of course taxable accounts. Venkat Looks like the pro-rata rule doesn't...
by cliffedelgado
Sat Nov 13, 2010 2:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth questions
Replies: 13
Views: 1517

Looks like the limit is 167k for full amount to roth IRA. Phase out between 167k and 177k. It all depends on your modified AGI.

And yes, contributing to the 401k reduces it and can make you eligible. I do this myself as well
by cliffedelgado
Sun Nov 07, 2010 11:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA / 401K question
Replies: 3
Views: 676

+1 on looking into if in-service withdrawal of after-tax money is allowed by your company's plan The article posted above has some good discussion. Just wanted to point out it seems more geared toward distribution after leaving a job rather than in-service withdrawal. Not saying it's not applicable ...
by cliffedelgado
Sun Nov 07, 2010 9:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: After-tax 401k contributions
Replies: 31
Views: 3912

does not seem like it has been announced yet.

was asked previously but can't post a link since i'm a newbie. search for "Maximum Contributions for 2011?"
by cliffedelgado
Sun Oct 24, 2010 4:39 pm
 
Forum: Investing - Theory, News & General
Topic: 2011 401(k) Limits Announced Yet?
Replies: 22
Views: 5445

This doesn't answer your question, but could be another advantage of the after-tax 401k.

Check if your plan allows in-service withdrawals prior to age 59. You may be able to roll over the after-tax 401k amounts into a Roth IRA while still employed.
by cliffedelgado
Sat Oct 23, 2010 2:30 am
 
Forum: Investing - Help with Personal Investments
Topic: After-tax 401(k) vs. taxable account
Replies: 20
Views: 3499
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