Search found 8 matches

by ximmortla
Sat Mar 18, 2017 2:54 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

I thought I would ask a follow-on question here as it would document the whole process of undoing a botched backdoor-IRA contribution. Contributions for 2016 were made and undone, but I received a 1099-R during the process. How do I deal with this on my taxes? Is there another form to be filled out,...
by ximmortla
Tue Feb 14, 2017 4:07 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

The only thing that comes to mind is that you probably do not want to make non-deductible contributions to your IRA. Agree, as you mentioned before I'll be stuck with a 8606 form for the rest of the tIRA's life. I doubt there would be a lot of gains to pay tax on. Yes, he mentioned gains, so I woul...
by ximmortla
Tue Feb 14, 2017 12:14 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

I've got another question... Thanks in advance! So the advisor is offering two options: 1. Re-characterize the rIRA as a tIRA 2. Roll everything all the way back to the Joint account #1 seems straight forward, no taxes to be paid... #2 there are taxes to be paid on the gains and maybe other unknowns...
by ximmortla
Mon Feb 13, 2017 9:27 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

Most people in their 70's and 80's and 90's are wanting things to be simpler, not more complex. And even people in their 40's! Thanks so much for pointing this out. I contacted my adviser today and asked to back everything out, and requested that all costs incurred with such be covered by his compa...
by ximmortla
Sun Feb 12, 2017 8:56 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

Can you roll the TIRA assets into a current employer plan like a 401k? Thanks so much for this suggestion! This is interesting and I will find out. I know that there is a maximum contribution to a 401k per year. Would a rollover to a 401k count against this contribution? Would there be additional f...
by ximmortla
Sat Feb 11, 2017 7:40 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

There are transfers from the Joint, followed by partial conversion to Roth. This means, when I look at the activity associated with my tIRA, there are a number of transactions that are typed "2017 TRAD CONTRIBUTION" that are transfers from my Joint account on 01/10/2017 and then on 01/13/...
by ximmortla
Sat Feb 11, 2017 5:58 pm
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Re: Backdoor Roth IRA Contributions

@retiredjg - thanks so much for taking the time to answer my questions! 1) About how large was Your Traditional IRA before anything happened? Round numbers will do. Did you ever make any non-deductible contributions to Your Traditional IRA? If yes, did you fill out Form 8606 on your taxes? My tIRA w...
by ximmortla
Sat Feb 11, 2017 11:59 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth IRA Contributions
Replies: 19
Views: 1511

Backdoor Roth IRA Contributions

Hi all - first post here, so please be gentle. :) I have some real concerns about a recently new account manager for my retirement planning, who works under a very well known company. Upon the account manager making a recent error regarding contributions to a Roth IRA, he informed me of this error, ...

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