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Re: Possibility to "undo" 2014 traditional IRA contribution?

I do have an emergency fund, and none of those apply. It's a unique situation - I work at a startup and planned to use an IRA to buy my company's private shares. Obviously, Vanguard doesn't do that, but I'm looking at setting up a Custodian who has experience in buying private shares, and that's why...
by kxl19
Sat Jan 11, 2014 2:21 am
 
Forum: Investing - Help with Personal Investments
Topic: Possibility to "undo" 2014 traditional IRA contribution?
Replies: 8
Views: 928

Possibility to "undo" 2014 traditional IRA contribution?

Looking for some advice here: I made my contribution to a traditional IRA earlier this week, but something has come up now, and I may need that money for other purposes. I understand it's possible to take a distribution from my IRA, and there's going to be $0 gain, since it's been sitting in cash. I...
by kxl19
Sat Jan 11, 2014 2:12 am
 
Forum: Investing - Help with Personal Investments
Topic: Possibility to "undo" 2014 traditional IRA contribution?
Replies: 8
Views: 928

Re: Confusion regarding taxability of Backdoor roth

Thanks to both of you, with your help, I found the problem. Turns out I didn't file a Form 8606 last year, so I've corrected that, and now my $4k carry-forward works out, and I'm only taxable on the small earnings while in the traditional IRA.
by kxl19
Sat Mar 16, 2013 11:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Confusion regarding taxability of Backdoor roth
Replies: 3
Views: 389

Confusion regarding taxability of Backdoor roth

Hi all, Been following this forum for a while, but my first post here. I'm doing my taxes (Turbotax) for this year, and seemed to have run into an issue where Turbotax wants me to pay tax on a backdoor Roth. I'm doing the backdoor Roth because I didn't qualify due to the MAGI limits starting in 2011...
by kxl19
Wed Mar 13, 2013 12:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Confusion regarding taxability of Backdoor roth
Replies: 3
Views: 389

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