Search found 8 matches

by svtt
Wed Jun 24, 2020 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Turbo tax Form 8606 for Backdoor Roth
Replies: 9
Views: 636

Re: Turbo tax Form 8606 for Backdoor Roth

My confusion is the basis. I thought it should be 0 instead of 6000. But I guess after I report the conversion next year, it will become 0. Is that right? Yes, if you convert it all. Do I have to be worried about keeping track of the basis of my Traditional IRA if the balance is 0 always? No. You s...
by svtt
Tue Jun 23, 2020 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo tax Form 8606 for Backdoor Roth
Replies: 9
Views: 636

Re: Turbo tax Form 8606 for Backdoor Roth

Thank you Katietsu & FiveK

My confusion is the basis. I thought it should be 0 instead of 6000. But I guess after I report the conversion next year, it will become 0. Is that right?
Do I have to be worried about keeping track of the basis of my Traditional IRA if the balance is 0 always?
by svtt
Tue Jun 23, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo tax Form 8606 for Backdoor Roth
Replies: 9
Views: 636

Turbo tax Form 8606 for Backdoor Roth

Hi, I need some input regarding form 8606 that was filled out by Turbo tax. It looks nothing like how it is shown in the Bogleheads wiki example. Line no 1, 3 and 14 all have $6000. No other lines have any value in them. Is that right for our situation below? I contributed $6000 into a Traditional I...
by svtt
Sun May 01, 2016 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Is this possible? [Reinvesting retirement account withdrawal funds]
Replies: 16
Views: 1947

Re: Is this possible? [Reinvesting retirement account withdrawal funds]

Once again I want to thank all of you who responded to this thread.
by svtt
Sun May 01, 2016 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Is this possible? [Reinvesting retirement account withdrawal funds]
Replies: 16
Views: 1947

Re: Is this possible?

Thank you all. For a moment I thought I was going to save big dollars :)
by svtt
Sun May 01, 2016 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Is this possible? [Reinvesting retirement account withdrawal funds]
Replies: 16
Views: 1947

Re: Is this possible?

Thanks for your response. So does that mean tax free muni bonds are taxable in 401k but not in other accounts. In which accounts are they tax free? In your Taxable Accounts. In your Tax Deferred accounts all money withdrawn is treated like Regular Income..... Capital Gains taxes do not apply either...
by svtt
Sun May 01, 2016 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Is this possible? [Reinvesting retirement account withdrawal funds]
Replies: 16
Views: 1947

Re: Is this possible?

Thanks for your response.

So does that mean tax free muni bonds are taxable in 401k but not in other accounts. In which accounts are they tax free?
by svtt
Sun May 01, 2016 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Is this possible? [Reinvesting retirement account withdrawal funds]
Replies: 16
Views: 1947

Is this possible? [Reinvesting retirement account withdrawal funds]

Hi, I'm a long time reader of this forum and have gained a lot of knowledge about investing. I have a question for which I've not been able to find an answer. Here it goes... At the age of 70.5 we need to take RMD from our 401k accounts. That withdrawal is subject to income tax. Say for example I ha...