Search found 11 matches

by MCHFBJTNW
Mon Mar 30, 2020 3:06 pm
Forum: Personal Investments
Topic: back door, mega back door opportunity and situation what to do...
Replies: 8
Views: 968

Re: back door, mega back door opportunity and situation what to do...

Custodian: Fidelity Plan: 401k - After tax contribution currently valued at 16.8k with a basis of 18.5k. Plan allows in plan conversion to roth ira. if I proceed with conversion to roth ira - can I claim loss from the basis in my 2020 tax - hoping someone has experience with this with fidelity how 1...
by MCHFBJTNW
Sat Feb 22, 2020 10:06 am
Forum: Personal Investments
Topic: back door, mega back door opportunity and situation what to do...
Replies: 8
Views: 968

Re: back door, mega back door opportunity and situation what to do...

Situation: Year 2021 80k in IRA (locked in annuity) plan to surrender Nov 2021 and move to 401K that's when IRA (Pretax) will become $0 in 2021. Opening door for back door Roth. Year 2020 Have After Tax (In Employer Plan) about 20K cost basis (abt 18.2k) in March 2020 (next month) Intent to roll ove...
by MCHFBJTNW
Mon Feb 17, 2020 12:02 pm
Forum: Personal Investments
Topic: Rollover IRA into 401k and do back door roth in the same year?
Replies: 12
Views: 782

Re: Rollover IRA into 401k and do back door roth in the same year?

Situation: I rolled over my TIRA into my current 401K plan. It was an indirect rollover - where in I had to take a distribution (no withholding) check in favor of fidelity FBO (self name) This is done within 1 weeks time line, by end of January 2020. Now i get a statement from previous custodian whe...
by MCHFBJTNW
Sat Jan 25, 2020 12:10 pm
Forum: Personal Investments
Topic: Rollover IRA into 401k and do back door roth in the same year?
Replies: 12
Views: 782

Re: Rollover IRA into 401k and do back door roth in the same year?

You are correct - much thanks... I came to the same conclusion from the Wiki for benefit of others who chimed in here...following is the language from Wiki "The contribution can be made up until the April filing deadline of the following year . The conversion can be done any time after that. In...
by MCHFBJTNW
Sat Jan 25, 2020 11:13 am
Forum: Personal Investments
Topic: back door, mega back door opportunity and situation what to do...
Replies: 8
Views: 968

Re: back door, mega back door opportunity and situation what to do...

Yes will call fidelity have to as they need verbal authorization to do the in service conversion form after tax to roth ira.

Above question was to evaluate if I will be in some tax liability.

Thanks
by MCHFBJTNW
Sat Jan 25, 2020 10:55 am
Forum: Personal Investments
Topic: Rollover IRA into 401k and do back door roth in the same year?
Replies: 12
Views: 782

Re: Rollover IRA into 401k and do back door roth in the same year?

Mmm...got me thinking. Intention is not to get trapped in the pro rata rule. Running it again with more specs.. So in this situation... End of 12/31/2019...balance in TIRA 400+ Rollover of above TIRA initiated mid January 2020 to be completed by Mid Feb 2020 at this time I will have only have 401k a...
by MCHFBJTNW
Sat Jan 25, 2020 8:15 am
Forum: Personal Investments
Topic: Rollover IRA into 401k and do back door roth in the same year?
Replies: 12
Views: 782

Re: Rollover IRA into 401k and do back door roth in the same year?

Wow never realized can do 6k for 2019 and then 6k for 2020...cool thanks...
Yes in process of rolling old ira into current 401k to zero out ira will wait a month and do BD roth...thanks all...
by MCHFBJTNW
Sat Jan 25, 2020 8:12 am
Forum: Personal Investments
Topic: back door, mega back door opportunity and situation what to do...
Replies: 8
Views: 968

Re: back door, mega back door opportunity and situation what to do...

Yes in process of doing that moving old TIRA into 401k and prepping for BD Roth for my situation. I have no mega back door option. For my spouse here is another situation and question pertinent to Mega Back door. Plan has spill over feature so when I max out on traditional 401k any spill over get in...
by MCHFBJTNW
Wed Jan 22, 2020 1:34 pm
Forum: Personal Investments
Topic: back door, mega back door opportunity and situation what to do...
Replies: 8
Views: 968

back door, mega back door opportunity and situation what to do...

Situation: #Have old monies in IRA - which needs to clear to $0 in order to a back door - 6k limit applies. Opportunity: Employer saving plan, updated to: 401k 401k roth *After Tax contribution (supplemental) >>>> this can be rolled into a Roth IRA per pay period while in service.(mega back door 57k...
by MCHFBJTNW
Tue Jan 21, 2020 5:17 pm
Forum: Personal Investments
Topic: Rollover IRA into 401k and do back door roth in the same year?
Replies: 12
Views: 782

Rollover IRA into 401k and do back door roth in the same year?

Hello reader! In order to do a back door roth contribution i have have clear any IRA's (400k+). my current 401k plan allows rolling into the plan. The above will clear my IRA balance to 0. Can I do a back door Roth contribution in the same year (2020) in this case? Any body has experience with this....
by MCHFBJTNW
Thu May 04, 2017 5:24 pm
Forum: Personal Investments
Topic: VUL Long haul - what to do hold / surrender?
Replies: 0
Views: 629

VUL Long haul - what to do hold / surrender?

Hello Readers.. Have 2 VUL's - in the current up market following is the performance in a aggressive underlying investment portfolio... 1 held 17+ years - after removing cost of insurance, based on current valuation has performed approximately 5% annual return... 1 held 15 years - after removing cos...