Search found 7 matches

by whiteorgo
Mon Feb 04, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Did I forget to file 8606?
Replies: 8
Views: 2114

Re: Did I forget to file 8606?

Re-reading this, I assumed since you were using the backdoor method that your 2017 contribution was non-deductible. If that's not correct, if you did deduct it on your 2017 taxes, that changes things. There will be no 2017 Form 8606 and a 0 on line 2 for your 2018 Form 8606 which will change all su...
by whiteorgo
Mon Feb 04, 2019 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Wrong county selected on my employer's address
Replies: 1
Views: 216

Wrong county selected on my employer's address

So I live in MD and I just realized my address on my empioyer's W4 had a wrong county listed for the last 2.5 years. The county that was selected on my W4 has 2.5% tax rate, while the actual county I live in has 3.2% tax rate. I was charged with hefty MD state tax last yr and this year I'm charged a...
by whiteorgo
Sat Feb 02, 2019 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Did I forget to file 8606?
Replies: 8
Views: 2114

Re: Did I forget to file 8606?

Based on what I explained above, was I supposed to file 8606 for tax year 2017? Yes. In 2018 you made a $5,500 contribution for 2017, so you should have filled out Part I of 2017's Form 8606 for that contribution. You still can. Just download the 2017 form , fill it out and mail it in separately. I...
by whiteorgo
Sat Feb 02, 2019 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Did I forget to file 8606?
Replies: 8
Views: 2114

Did I forget to file 8606?

Hello, longtime lurker and kind of a newb at taxes, so I figure you smart people on this forum will be the best source of help. I started backdoor roth for the first time back in January 2018. Back then, I put $5,500 into Traditional IRA (for tax year 2017) and immediately converted to Roth IRA. I a...
by whiteorgo
Thu Jun 14, 2018 9:15 pm
Forum: Personal Investments
Topic: Bond vs. high yield savings
Replies: 3
Views: 2035

Bond vs. high yield savings

Hello, somewhat of a newbie and currently trying to learn and balance my portfolio. Would really appreciate some knowledge. I'm currently trying to do the 3-fund portfolio, with US stock, International stock, and Bonds. But when I look at bond funds in Vanguard (Vanguard Total Bond Market Index), th...
by whiteorgo
Thu Jan 04, 2018 4:11 pm
Forum: Personal Investments
Topic: Contribute too much to Roth IRA..
Replies: 2
Views: 481

Contribute too much to Roth IRA..

Hey guys, For 2017 in my Vanguard Roth IRA account, I contributed $4,000. Our MAGI in 2016 was 182k, but my wife and I both got a raise in the middle of 2017 and from my rough calculation, I believe our MAGI for 2017 will be over the limit of 186k. And from my estimated value and calculating the all...
by whiteorgo
Wed Jan 03, 2018 12:14 pm
Forum: Personal Investments
Topic: 401k vs. Taxable
Replies: 3
Views: 931

401k vs. Taxable

Hey guys, New to this forum and somewhat new to investing. Wanted to ask some questions that I couldn't really find answer to after my own research. I'm currently a resident physician earning 55k. In couple years my salary will increase a lot, placing me at much higher tax bracket until I retire (ho...