Search found 689 matches

by icedtea
Sun Sep 03, 2017 10:20 am
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

Thanks Alan. I've contacted Ubiquity about the 1099. Crossing my fingers this gets resolved shortly.
by icedtea
Sat Sep 02, 2017 10:55 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

Ok is option B a 1099R 2017 coded P?
by icedtea
Sat Sep 02, 2017 9:28 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

The W2 Box 12 D total across my W2s is 19600.

The 1099 R is 2016.

No 1099 R coded 8.

What next? Was the 1099 R 2016 dated the wrong year?
by icedtea
Sat Sep 02, 2017 6:17 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

OP here. I'm still trying to figure out this 1099-R issue so I can submit my 2016 taxes. I could really use some help. I received a 1099-R for the excess 401k contribution and my understanding is I need to pay tax on the excess amount, $1600. I received the $1600 back from my employer via a check, w...
by icedtea
Sat Aug 12, 2017 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Hello. For a 2016 excess Roth contribution, any gains returned are taxable in the year IN WHICH you made the excess contribution. If you made the excess contribution in 2016, then the gains are reportable on your 2016 return or amended return. I assume that recharacterizing the excess as a non dedu...
by icedtea
Sun Jul 23, 2017 9:48 am
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

OP here, following up on an older thread. After a couple more months of battling with my old 401k provider, employer and payroll provider, the full group came to a conclusion and the 401k provider, Ubiquity, issued me a 1099-R. To recap, between my two W-2s (same employer, two payroll providers in 2...
by icedtea
Sun Jul 23, 2017 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

OP here. It took ages to fix my W-2 issue, and I'm finally getting around to addressing my 2016 Roth excess. I'm withdrawing the excess and gains with Vanguard. Am I supposed to report the gains and pay tax on them with my 2016 return or 2017 return? I'd like to go ahead and withdraw the expected ex...
by icedtea
Mon Jul 17, 2017 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: Changed Jobs: Doubling up on vision insurance benefits in 1 year?
Replies: 2
Views: 235

Re: Changed Jobs: Doubling up on vision insurance benefits in 1 year?

celia wrote:Why not call VSP? :oops:

While on the phone with them, also ask if they are affiliated with Aetna Vision. If not, it seems you can use Aetna since they won't have a history of a recent claim for you.
I already called them. They gave me the input I mentioned in my OP.
by icedtea
Mon Jul 17, 2017 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: Changed Jobs: Doubling up on vision insurance benefits in 1 year?
Replies: 2
Views: 235

Changed Jobs: Doubling up on vision insurance benefits in 1 year?

I just changed jobs and my new employer offers VSP and Aetna Vision insurance. My old employer offered VSP, which I used a couple months ago for an annual eye exam, contacts fitting and 6m supply of contact lenses. I am interested in electing vision insurance again now IF I can use the benefit to ge...
by icedtea
Sat Jul 15, 2017 11:26 am
Forum: Investing - Help with Personal Investments
Topic: new 401k: Go w/ Target Retirement since other funds are higher ER?
Replies: 3
Views: 271

new 401k: Go w/ Target Retirement since other funds are higher ER?

In the past I always favored Vanguard or Fidelity index funds for my 401k account. My new 401k has Vanguard Target Retirement funds, but I prefer investing in US/intl and total bond, rather than Target. Still, these Target funds may be my best bet, given the choices. Here are images showing all the ...
by icedtea
Sat May 27, 2017 6:01 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

The issue I posted above still hasn't been resolved. It's been about 3 months now. Here's a little update. It turns out in March 2016 my former company's plan admin submitted a double payment to Ubiquity for some of the employees and when Ubiquity refunded the excess, they apparently sent the money ...
by icedtea
Tue Apr 25, 2017 10:16 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

This is a different situation than a normal excess deferral. Normally, this can only occur when when you work for more than one employer. The corrective actions in this case are directed at the employee. It is the employee's responsibility to remove the excess deferral and earnings This particular ...
by icedtea
Tue Apr 25, 2017 8:51 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

Re: 401k over contribution and 1099R

This is a different situation than a normal excess deferral. Normally, this can only occur when when you work for more than one employer. The corrective actions in this case are directed at the employee. It is the employee's responsibility to remove the excess deferral and earnings This particular ...
by icedtea
Tue Apr 25, 2017 6:57 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 15
Views: 1139

401k over contribution and 1099R

I overcontributed to my 401k in 2016. My company and I have been working with the 401k provider and our payroll provider for a few months trying to sort out the issue, and it's dragged and dragged. The overcontribution came from the fact that, apparently, Ubiquity's Contribution History view on thei...
by icedtea
Mon Apr 17, 2017 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

If you file an extension you have until 10/16/2017 to remove or recharacterize your 2016 contribution. Realistically, since you must file your return by that date also, the practical deadline for your decision would be in late September. If you do not file the extension OR the return by 4/18, then ...
by icedtea
Fri Apr 14, 2017 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

For the 2017 contribution, you might want to withdraw it now with allocated earnings. Earnings will be taxable in 2017, and you will get a 1099R coded 8 next January. If you end up in the phaseout range again this will eliminate the removal from altering your allowed contribution again. Next year y...
by icedtea
Wed Apr 12, 2017 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

For the 2017 contribution, you might want to withdraw it now with allocated earnings. Earnings will be taxable in 2017, and you will get a 1099R coded 8 next January. If you end up in the phaseout range again this will eliminate the removal from altering your allowed contribution again. Next year y...
by icedtea
Tue Apr 11, 2017 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Beyond these tactical steps, is there some way to estimate the advantage of doing all these steps vs simply withdrawing the 2016 excess via Vanguard, paying the penalty, and doing it again for 2017 excess when I file taxes in early 2018? I feel like the above approach is pretty complex for me, so I...
by icedtea
Tue Apr 11, 2017 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

I got an answer from the 401k provider. They allow rollover from TIRA pretax money to the traditional 401k. They also allow post-tax TIRA to their Roth 401k. That highlighted part can't be. It's against the law to roll post-tax TIRA money into a qualified plan. You also can't roll Roth IRAs into Ro...
by icedtea
Tue Apr 11, 2017 8:38 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

FIrst, find out if your plan accepts ALL TIRA pre tax money. If they limit to only rollover IRAs, recharacterize the Roth contributions into a separate TIRA so you do not wipe out your rollover IRAs with recharacterized contributions. The earnings and dividends are immaterial. Other than these cont...
by icedtea
Sat Apr 08, 2017 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Free FICO score?
Replies: 16
Views: 1386

Re: Free FICO score?

MikeG62 wrote:I believe discover will show you your FICO score regardless of whether you are a customer or not.


Thanks Mike, I found it. Nice to see this is available from them. Great way to build loyalty and attract new customers, too.
by icedtea
Sat Apr 08, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Free FICO score?
Replies: 16
Views: 1386

Free FICO score?

I'm looking for a way to get a free FICO score. My Cap One Visa comes with a free Vantage score but that's not what I really want, from what research tells me. Credit Karma also offers the Vantage, and I signed up but then immediately cancelled after reading a bunch of bad news on BBB and consumer r...
by icedtea
Sat Apr 08, 2017 10:53 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

If you roll your pre tax IRA dollars into the 401k, it looks like you would be roughly paying about $475 pre tax per year in higher ERs in the 401k. It's probably worth considering in light of what you could then do: 1) Contribute 5500 as a non deductible TIRA contribution and convert it to Roth ta...
by icedtea
Wed Mar 22, 2017 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

wait a minute. icedtea, If you have access to a 401k starting next month, then you could max it out with $18K and that should reduce your income enough to allow a full 2017 Roth Contribution. Even if I contribute 18K, I suspect I won't be able to contribute the full Roth. In 2016 I max'd 401k and s...
by icedtea
Wed Mar 22, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Do you know enough about your new plan and whether you CAN or WANT TO roll your pre tax TIRA balance into that plan this year? If you do that you could then recharacterize your 2016 Roth excess as a TIRA non deductible TIRA contribution and convert it back to Roth tax free. That would solve the ann...
by icedtea
Sat Mar 18, 2017 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

The earnings you withdraw are taxable in the year you made the contribution (2016). That means your MAGI goes up another 255 on your 2016 return and the FURTHER REDUCES your allowed 2016 Roth contribution. So it's a chicken and egg situation. There are two approaches possible to deal with this. 1) ...
by icedtea
Mon Mar 13, 2017 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Any help on this one? I got through to Vanguard and they said they couldn't tell me the gains on the excess contribution until the next day. They said I needed to decide if I wanted to do a recharacterization to TIRA or just remove the excess and gains before they would be able to process this and i...
by icedtea
Sun Mar 05, 2017 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

In case the above route doesn't make sense in the end, can you point me to guidance online regarding how I can calculate the gains on my excess Roth contribution from 2016? With mutual funds at Vanguard, Vanguard will calculate the earnings for you. I don't believe you have the option of ignoring V...
by icedtea
Sun Mar 05, 2017 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Help w/ Foreign Tax Credit for Over $300
Replies: 12
Views: 1710

Re: Help w/ Foreign Tax Credit for Over $300

So your 1099-DIV says that the fund received 659.10 of dividends, with 43.47 withheld as foreign tax, and paid 615.63 to you. The foreign income is 659.14, which is within rounding error of 659.10. Likewise, the QDI-eligible foreign income of 473.89 is within rounding error of the actual reported Q...
by icedtea
Sun Mar 05, 2017 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Help w/ Foreign Tax Credit for Over $300
Replies: 12
Views: 1710

Re: Help w/ Foreign Tax Credit for Over $300

Carrying over info from my other thread here... Foreign tax = Income dividend* x 0.07061 Foreign income = Total foreign tax x 15.16314 QDI-eligible foreign income = Total foreign tax x 10.90146 These instructions aren't too clear to me. Is 'foreign tax' the 'foreign tax paid' amount on my 1099-DIV? ...
by icedtea
Sun Mar 05, 2017 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Foreign tax = Income dividend* x 0.07061 Foreign income = Total foreign tax x 15.16314 QDI-eligible foreign income = Total foreign tax x 10.90146 These instructions aren't too clear to me. Is 'foreign tax' the 'foreign tax paid' amount on my 1099-DIV? What is the ticker symbol of your fund? How muc...
by icedtea
Sun Mar 05, 2017 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Help w/ Foreign Tax Credit for Over $300
Replies: 12
Views: 1710

Help w/ Foreign Tax Credit for Over $300

I had this info in a different thread that someone else started, and I'm reposting it here with a better headline in hopes it gets more attention. For the first time ever, my foreign tax credit from my Vanguard mutual funds exceeds $300. I'm using Tax Act and need to fill out form 1116. Under Credit...
by icedtea
Sun Mar 05, 2017 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

No offense but if for tax help this forum was just a place to be told to go read the form instructions for the given issue, then it wouldn't be a very helpful forum. None taken. Even though I linked vanguard's page on foreign source income, did not the supplemental pages to your Vanguard Form 1099-...
by icedtea
Sun Mar 05, 2017 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

I've edited this post substantially since I first published it OP here again. For calculating gains on an excess contribution, I found this info: m Does anyone know what a 'consolidation' means? (see below text) I'm able to look up Buys, Transfers and Distributions on Vanguard but I don't see anyth...
by icedtea
Sun Mar 05, 2017 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Try them all on three different copies of your tax return for 2016. Or read the instructions for Form 1116 found at irs.gov. I read Form 1116 twice now and I still don't follow this. Not the form, but the instructions to the form. Also isn't there a separate IRS publication on the foreign tax credi...
by icedtea
Sun Mar 05, 2017 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Try them all on three different copies of your tax return for 2016. Or read the instructions for Form 1116 found at irs.gov. I read Form 1116 twice now and I still don't follow this. I tried starting the Created Input Worksheet and bypassed the first two screens to skip the AMT part. I then get to ...
by icedtea
Sun Mar 05, 2017 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Just bringing this topic back to the top of the board. I still don't know what to do in TaxAct to get the foreign tax credit. This year i'm over $300 for the first time. Any ideas? If you reported more than $300 of foreign tax withheld on your Form 1099, TaxAct will ask you for the information you ...
by icedtea
Sat Mar 04, 2017 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Yes, major issue. Because you have the rollover IRA which is probably entirely pre tax, your back door Roth conversion will be mostly taxable. You cannot isolate your conversion to the after tax contribution amount unless you were to roll the pre tax balance of your TIRA into your employer plan. Th...
by icedtea
Sat Mar 04, 2017 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Just bringing this topic back to the top of the board. I still don't know what to do in TaxAct to get the foreign tax credit. This year i'm over $300 for the first time. Any ideas?
by icedtea
Mon Feb 27, 2017 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Do you really have to deal with AMT this year? Really? Really really? If yes, then how to do you know? I think so, unless there's some other way to get the credit? There are many ways to get the credit as described in the instructions. I haven't paid AMT in years and years, yet I always get the ful...
by icedtea
Mon Feb 27, 2017 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 1351

Re: Help with 2016 taxes

...................................... 4. Wages - Excess Social Security Tax Act says my total social security withholding is over the maximum amount required, and the software applied the difference to reduce my taxable income. How does this happen? Is it an issue the employee can avoid? ............
by icedtea
Mon Feb 27, 2017 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

livesoft wrote:Do you really have to deal with AMT this year? Really? Really really? If yes, then how to do you know?


I think so, unless there's some other way to get the credit?
by icedtea
Mon Feb 27, 2017 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Do you have any TIRA balance at this time? You have contributed 5500 to a Roth for 2016. Have you made a 2017 contribution yet? If not, when do you plan to? I have a TIRA balance. It stems from various 401k rollovers. Is that going to be an issue for this strategy? I already made my 2017 Roth contr...
by icedtea
Mon Feb 27, 2017 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3034

Recharacterization madness: Roth excess contribution --> TIRA --> Roth

I just learned that I made excess Roth IRA contributions in 2016 and 2017. I'm glad my income level has gone up. In the process I now know I can't simply keep putting $5500 into my Roth every year. I got some help on this forum in another thread about my options, and it seems what may be best is if ...
by icedtea
Mon Feb 27, 2017 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 1351

Re: Help with 2016 taxes

jebmke wrote:the re-characterization should not be considered a contribution


thanks that's good news.
by icedtea
Mon Feb 27, 2017 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 2647

Re: Question on AMT- Simplified Election Foreign Tax Credit

Thanks. I searched my 2013 federal tax return and did not find a form 1116 attached. Not sure if it was because the foreign tax credit was only 2$.... Does that mean I should choose "first year election" and then choose simplified? Thanks. totally confused... Did you see Intuit's answer: ...
by icedtea
Mon Feb 27, 2017 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 1351

Re: Help with 2016 taxes

After a recharacterization, you can possibly do a Roth conversion. There are requirements for that, so don't do a conversion without understanding what you are doing. This would essentially be a so-called Back door Roth IRA conversion which is discussed muchly on the bogleheads.org forum and elsewh...
by icedtea
Mon Feb 27, 2017 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 1351

Re: Help with 2016 taxes

I don't understand how option 1 could ever work. Aren't traditional and Roth IRA contributions (separate or combined) limited in the same way as a lone Roth IRA contribution? When could you ever recharacterize the excess Roth into a Traditional and avoid these limits? The total TIRA contribution wi...
by icedtea
Mon Feb 27, 2017 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 1351

Re: Help with 2016 taxes

2. You apparently over contributed to a Roth IRA now for two years. There are penalties until it is corrected, so you will want to search the forum for how to correct both of them or read the IRS instructions on this. I read some info on the IRS site and came upon this nice summary. m I don't under...
by icedtea
Mon Feb 27, 2017 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 1351

Help with 2016 taxes

I have pretty simple taxes this year, but as usual I came across a few things that weren't completely seamless. Can you give me a hand? I'm using Tax Act. 1. Sale of Mutual Fund Shares For my 1099-B, the software asks if I want to check this option: "Check here to treat gain/loss as ordinary in...