Search found 26 matches

by mrb
Thu Feb 13, 2020 6:01 pm
Forum: Personal Investments
Topic: Back Door Roth TurboTax 8606
Replies: 5
Views: 390

Re: Back Door Roth TurboTax 8606

I'll await responses on this also. Every year there is confusion in TT. It always seems to assume my contributions to the trad IRA were deductible and therefore treats the distribution as taxable. Why doesn't the program ask whether the contribution was deductible or non deductible? I go through a ...
by mrb
Thu Feb 13, 2020 5:45 pm
Forum: Personal Investments
Topic: Back Door Roth TurboTax 8606
Replies: 5
Views: 390

Re: Back Door Roth TurboTax 8606

Tax software often does the calculations on a worksheet that you don't see and that often leaves lines 6 - 12 blank. You got the right numbers on line 14 and line 18 and that is all that matters. Somewhere on your form, probably at the bottom, you may find a little notation about the worksheet. So,...
by mrb
Thu Feb 13, 2020 5:33 pm
Forum: Personal Investments
Topic: Back Door Roth TurboTax 8606
Replies: 5
Views: 390

Back Door Roth TurboTax 8606

I am not sure if Turbo Tax is filling out my 8606 form correctly for my back door roth. I did it by hand to check and there is missing info particularly in boxes 6-12. in 2019 I contributed and converted 5500 for 2018. In 2019, I also contributed and converted 6000 for 2019. Here is what TT has: 1. ...
by mrb
Fri Feb 15, 2019 5:26 pm
Forum: Personal Investments
Topic: Reporting backdoor roth
Replies: 7
Views: 409

Re: Reporting backdoor roth

What the Schwab representative didn’t tell you is that you will be filling out the form 8606 for 2018 too, but with that form you will be reporting that your basis in that traditional IRA you contributed is $5500. The conversion happened in 2019, so you will get a 1099-R form for the amount of conv...
by mrb
Fri Feb 15, 2019 4:56 pm
Forum: Personal Investments
Topic: Reporting backdoor roth
Replies: 7
Views: 409

Re: Reporting backdoor roth

What the Schwab representative didn’t tell you is that you will be filling out the form 8606 for 2018 too, but with that form you will be reporting that your basis in that traditional IRA you contributed is $5500. The conversion happened in 2019, so you will get a 1099-R form for the amount of conv...
by mrb
Fri Feb 15, 2019 2:35 pm
Forum: Personal Investments
Topic: Reporting backdoor roth
Replies: 7
Views: 409

Reporting backdoor roth

I am a little confused on reporting my backdoor roth for this year.

I funded my IRA in January 2019 for tax year 2018. I then converted to a Roth IRA in January 2019. Charles Schwab just told me that I won't be filling out 8606 form until my 2019 taxes for this conversion. Is this correct?
by mrb
Sat Feb 17, 2018 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 on H and R block
Replies: 7
Views: 677

Re: Form 8606 on H and R block

Spirit Rider wrote:
Sat Feb 17, 2018 8:19 pm
Did you report the traditional IRA contribution and indicate that it was non-deductible contribution. That is the beginning of a Backdoor Roth. Then you did a Roth conversion.
I did. Thank you.
by mrb
Sat Feb 17, 2018 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 on H and R block
Replies: 7
Views: 677

Re: Form 8606 on H and R block

My HRBlock tax prep software doesn't ask the questions in the same way that you have posted them. I'm sure you can do it all electronically, but I also think you will not understand as much by doing so. Also "1 day" is "within 60 days" isn't it? And 0 days is within 60 days, too. BTW, you do not ge...
by mrb
Sat Feb 17, 2018 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 on H and R block
Replies: 7
Views: 677

Re: Form 8606 on H and R block

livesoft wrote:
Sat Feb 17, 2018 8:04 pm
Hmmm, if you print out Form 8606 and read the instructions, are you able to fill it out by hand without tax software? That may be very helpful.

yeah, i probably could, I was trying to see if i could do it all electronically
by mrb
Sat Feb 17, 2018 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 on H and R block
Replies: 7
Views: 677

Re: Form 8606 on H and R block

Update: One of the questions in the "income section of 1099R" asks me "How much of your distribution did you convert or reconvert within 60 days of receiving the distribution?" If i answer 5500, it lets me fill out the 8606 form. If i answer 0, it wont let me fill out the 8606 form. Should I answer ...
by mrb
Sat Feb 17, 2018 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 on H and R block
Replies: 7
Views: 677

Form 8606 on H and R block

Is anyone having issues with from 8606 on H and R block. I did a back door roth and am trying to figure out how to file with H and R block. I uploaded form 1099 in the income section. There they had you choose conversion. Then when I go to fill out form 8606, it says i dont have any Roth conversions...
by mrb
Tue Feb 21, 2017 6:13 pm
Forum: Personal Investments
Topic: Should I be investing in a 457b plan offered by my job
Replies: 26
Views: 3461

Re: Should I be investing in a 457b plan offered by my job

Bacchus01 wrote:How does any reasonably sane person rack up that kind of student debt?

medical school is not as cheap as it used to be
by mrb
Wed Jan 25, 2017 8:03 pm
Forum: Personal Investments
Topic: Should I be investing in a 457b plan offered by my job
Replies: 26
Views: 3461

Re: Should I be investing in a 457b plan offered by my job

The key question to ask is "is this a governmental or non-governmental 457b plan?" There are big differences in portability and rules around each. See wiki https://www.bogleheads.org/wiki/457(b) If you are not sure, ask your HR/benefits department. That being said, it would be nice to shelter anoth...
by mrb
Wed Jan 25, 2017 7:14 pm
Forum: Personal Investments
Topic: Should I be investing in a 457b plan offered by my job
Replies: 26
Views: 3461

Re: Should I be investing in a 457b plan offered by my job

The key question to ask is "is this a governmental or non-governmental 457b plan?" There are big differences in portability and rules around each. See wiki https://www.bogleheads.org/wiki/457(b) If you are not sure, ask your HR/benefits department. That being said, it would be nice to shelter anoth...
by mrb
Wed Jan 25, 2017 5:35 pm
Forum: Personal Investments
Topic: Should I be investing in a 457b plan offered by my job
Replies: 26
Views: 3461

Should I be investing in a 457b plan offered by my job

Current Situation: I am making around $300,000/yr. Retirement 403b plan: $22,000 (i just started investing last year) invested in Vanguard $480,000 in school debt at 5.5% I am offered another investment plan through work. 457(b), tax exempt plan. Is it always good to take advantage of these tax exem...
by mrb
Wed Apr 13, 2016 6:29 pm
Forum: Personal Investments
Topic: Refinancing Student Loans
Replies: 6
Views: 1009

Refinancing Student Loans

I recently posted on investing in my 403b and got plenty of advice. So thank you all for that. Here is a little reminder of my financial situation. Im 32, making around $90,000 a year, in July will be making $300,000/yr. Employer matches $0.50 to $1 up to 4% of my income. 403b is through transmerica...
by mrb
Fri Mar 25, 2016 9:44 am
Forum: Personal Investments
Topic: Best & Worst Financial Decisions?
Replies: 92
Views: 12370

Re: Best & Worst Financial Decisions?

whodidntante wrote:Best: Maxing my 401k every year.
Worst: Listening to Dave Ramsey's investment advice.

Why was that the worst... Seems like he has pretty basic principles. Live within your means and pay off all your loans.
by mrb
Fri Mar 25, 2016 9:29 am
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

Many different opinions about student loan debt for physicians. Here is mine: I like your goal of paying off the student loan debt in 5 years. At that student loan debt load, I would look into refinancing like you mentioned. Jim Dahle's WCI site typically has up-to-date advice for new attending phy...
by mrb
Thu Mar 24, 2016 2:07 pm
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

I would favor the 6-8% loans, personally. I'm curious, maybe other doctors or high earners can chime in here: If understand correctly, to achieve the maximum employer match, you would need to contribute 8%, correct? But 8% of 300k is higher than the 18k contribution limit. So do you just miss out o...
by mrb
Thu Mar 24, 2016 10:48 am
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

About $380,000 has interest between 6-8%. Make these a very high priority. Your investments are not guaranteed to make 6% or 8%. Paying these off does guarantee that. Beware of lifestyle creep. A big house and expensive cars are fine after you pay off this debt, but not before. I agree with the por...
by mrb
Thu Mar 24, 2016 5:53 am
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

krow36 wrote:I'm guessing that you are a doc. Have you read the "White Coat Investor"? The WCI is a doc with a great blog and forum which is a great source of info for docs and others. http://whitecoatinvestor.com/the-book/

I am... I have read that as well as his blog. Thank you for the response.
by mrb
Wed Mar 23, 2016 8:44 pm
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

ruralavalon wrote:About what stock/bond mix do you have in mind? At age 32 something in the area of 80/20 or 75/25 might be reasonable in my opinion. Please see the wiki article "asset allocation".

Thanks for the advice,

I was thinking of doing 80/20 of stocks/bonds
by mrb
Wed Mar 23, 2016 7:51 pm
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

Welcome to the forum :) . The best fund choices will depend in large part on the expense ratios. Please add the expense ratios for each fund to your original post using the edit button. My guess is that these will be the funds to use in your 403b -- Vanguard Institutional Index I Vanguard Short-Ter...
by mrb
Wed Mar 23, 2016 7:50 pm
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

Hi. Other guys will comment on this and tell you that you need to supply more about your investing position now. There is a format to use. https://www.bogleheads.org/forum/viewtopic.php?f=1&t=6212 Once you post your background, post your questions after that and others can give you a better point o...
by mrb
Wed Mar 23, 2016 7:49 pm
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

Re: 403b options... what should i Pick

It looks like you have some good choices, but that is only known for sure by the expense ratio of each fund. Find the expense ratio that is specific to your plan, not on the retail internet. It is likely that the Vanguard funds will end up being the best choices. I added the expense ratios.... does...
by mrb
Wed Mar 23, 2016 6:49 pm
Forum: Personal Investments
Topic: 403b options... what should i Pick
Replies: 20
Views: 1457

403b options... what should i Pick

I am new to investing, Im 32, making around $90,000 a year, in July will be making $300,000/yr. Employer matches $0.50 to $1 up to 4% of my income. 403b is through transmerica. I plan to max this out, and do a backdoor IRA. I have aprox $480,000 in student loans. About $380,000 has interest between ...