Search found 100 matches

by patrickscott
Wed Jan 29, 2020 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Does High Income Ever Effect Possible 401k Contributions
Replies: 12
Views: 1287

Re: Does High Income Ever Effect Possible 401k Contributions

" Everybody agrees that $170k is safe though. " I will revise my projected MAGI from $174,000 to $170,000. Thanks! My comment came from an abundance of caution. There is a very good chance that the number will be $174k or maybe even a little higher. The trouble is we won't know what the number is u...
by patrickscott
Wed Jan 29, 2020 5:03 am
Forum: Personal Finance (Not Investing)
Topic: Does High Income Ever Effect Possible 401k Contributions
Replies: 12
Views: 1287

Re: Does High Income Ever Effect Possible 401k Contributions

I have spent several hours --yes, I'm pretty slow-- trying to determine how much we can convert in 2020 from TIRA to ROTH up to the MAGI of $174,000 (to be under 2020 IRMAA Part B Surcharge for 2022). There is some question as to whether the number will actually be $174k. People have not agreed on ...
by patrickscott
Tue Jan 28, 2020 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Does High Income Ever Effect Possible 401k Contributions
Replies: 12
Views: 1287

Re: Does High Income Ever Effect Possible 401k Contributions

There is no income limit for contributing to a 401k. There is a limit on the salary that can be used for the purposes of matching calculations, to prevent highly-compensated employees from getting too big a piece of the pie. That limit is $285k in 2020. As has been mentioned, there are also non-dis...
by patrickscott
Tue Jan 28, 2020 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Does High Income Ever Effect Possible 401k Contributions
Replies: 12
Views: 1287

Re: Does High Income Ever Effect Possible 401k Contributions

401k contributions can be limited if you are a Highly Compensated Employee (HCE). The employer's plan will tell you if you are an HCE and have contributed too much to the 401k plan. The plan will return the excess contribution probably some time after the plan year has ended. For IRAs, this chart s...
by patrickscott
Tue Jan 28, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Does High Income Ever Effect Possible 401k Contributions
Replies: 12
Views: 1287

Re: Does High Income Ever Effect Possible 401k Contributions

I always assumed it did not apply to 401k contributions as well. I use tax software, and always check no when it asks me that question, " are you covered by company retirement blah blah bla..." This allows my IRA contribution of 5500 to be deductible. If I check no, it makes it non deductible. My a...
by patrickscott
Tue Jan 28, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Does High Income Ever Effect Possible 401k Contributions
Replies: 12
Views: 1287

Does High Income Ever Effect Possible 401k Contributions

As usual, I need Bogleheads help. I have spent several hours --yes, I'm pretty slow-- trying to determine how much we can convert in 2020 from TIRA to ROTH up to the MAGI of $174,000 (to be under 2020 IRMAA Part B Surcharge for 2022). I was doing all my calculations assuming that, regardless of our ...
by patrickscott
Sat Jan 25, 2020 9:35 am
Forum: Personal Finance (Not Investing)
Topic: I Bonds - How Your Spouse can Quickly Cash in I Bonds
Replies: 59
Views: 5419

Re: I Bonds - How Your Spouse can Quickly Cash in I Bonds

Greetings and may you have a wonderful, peaceful, healthy 2020. A brief update: Late last year, as previously posted, my wife cashed in /redeemed $30.00 from one of my I Bonds, using her TD account. All went well. Today, upon checking my TD account, I noticed" You have 1 message(s) in your Investor...
by patrickscott
Fri Jan 24, 2020 10:37 am
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

Re: 2019 1099-R (2018&2019 Excess Roth Contributions)

First of all, I suspect you have received 3 1099-R’s. Just because they all came from the same institution, in the same envelope does not mean they are not independent 1099-R forms. Secondly, they do not all belong on your 2019 return as mentioned by Alan S. (Wouldn’t have answered if I had seen hi...
by patrickscott
Fri Jan 24, 2020 10:23 am
Forum: Personal Finance (Not Investing)
Topic: I Bonds - How Your Spouse can Quickly Cash in I Bonds
Replies: 59
Views: 5419

Re: I Bonds - How Your Spouse can Quickly Cash in I Bonds

Greetings and may you have a wonderful, peaceful, healthy 2020. A brief update: Late last year, as previously posted, my wife cashed in /redeemed $30.00 from one of my I Bonds, using her TD account. All went well. Today, upon checking my TD account, I noticed" You have 1 message(s) in your Investor ...
by patrickscott
Wed Jan 15, 2020 6:19 am
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

Re: 2019 1099-R (2018&2019 Excess Roth Contributions)

First of all, I suspect you have received 3 1099-R’s. Just because they all came from the same institution, in the same envelope does not mean they are not independent 1099-R forms. Secondly, they do not all belong on your 2019 return as mentioned by Alan S. (Wouldn’t have answered if I had seen hi...
by patrickscott
Tue Jan 14, 2020 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

Re: 2019 1099-R (2018&2019 Excess Roth Contributions)

First of all, I suspect you have received 3 1099-R’s. Just because they all came from the same institution, in the same envelope does not mean they are not independent 1099-R forms. Secondly, they do not all belong on your 2019 return as mentioned by Alan S. (Wouldn’t have answered if I had seen hi...
by patrickscott
Tue Jan 14, 2020 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

Re: 2019 1099-R (2018&2019 Excess Roth Contributions)

Since the H&R Block software does not allow me to enter three Gross Amounts, three Taxable amounts, three Distribution Codes, etc., I contacted H&R Block and, after a lengthy chat with them at various levels, I was told that I should complete a separate 1099-R Questionnaire for each of my Gross Dis...
by patrickscott
Tue Jan 14, 2020 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

Re: 2019 1099-R (2018&2019 Excess Roth Contributions)

Greetings, This topic may have already been answered elsewhere, if so, I apologize for this post, but I could not find the solution to my particular problem. Background: In 2018 and 2019 I made some excess ROTH contributions and Bogleheads -- PARTICULAR THANKS TO ALAN S -- once again came to my res...
by patrickscott
Tue Jan 14, 2020 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

Re: 2019 1099-R (2018&2019 Excess Roth Contributions)

Gryphon wrote:
Tue Jan 14, 2020 1:45 pm
If it was me, I would do what H&R Block suggested, and not even bother with a cover letter. As long as all the information from the 1099-R winds up reported on your tax return, I don't think the IRS is going to care whether you were sent one form or three.
Thanks.
by patrickscott
Tue Jan 14, 2020 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 1099-R (2018&2019 Excess Roth Contributions)
Replies: 11
Views: 554

2019 1099-R (2018&2019 Excess Roth Contributions)

Greetings, This topic may have already been answered elsewhere, if so, I apologize for this post, but I could not find the solution to my particular problem. Background: In 2018 and 2019 I made some excess ROTH contributions and Bogleheads -- PARTICULAR THANKS TO ALAN S -- once again came to my resc...
by patrickscott
Sat Jan 04, 2020 9:59 am
Forum: Personal Finance (Not Investing)
Topic: How do you spend $$ on yourself?
Replies: 108
Views: 12235

Re: How do you spend $$ on yourself?

I also donate to the charities that I know use my money wisely. In the next few years, we will be making some sizable (for us) DAF contributions and distributions. We are looking for charities that use their funds wisely --including their CEO salaries-- with limited success. If you don't mind my as...
by patrickscott
Tue Dec 31, 2019 9:20 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Thank for your reply. I looked at the 2020 Tax brackets, and the top of the 22% MFJ taxable income bracket is $171,050. looked at the 2020 IRMAA rates and up to MFJ $174,000 taxable income, the premium is $144.60. The next jump in Medicare Part B premium, ( over MAGI $174,00) for the MFJ taxable in...
by patrickscott
Mon Dec 30, 2019 10:15 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Sometimes you just have to accept that the tax game can be like trying to get the proverbial ten pounds into a five pound sack. Whatever you do to save on taxes now just causes you to pay more later. Staying in the 12% bracket with 0% on LTCG and capital gains is great if you can do that. OTOH, tha...
by patrickscott
Mon Dec 30, 2019 10:02 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

As you have already seen, this is a very complicated decision, with perhaps no right answer! I plan to just convert up to the top of the current 12% bracket. I expect I'll have some leftovers, but have told the kids not to plan on it. So I am not concerned about their future tax liabilities of fund...
by patrickscott
Mon Dec 30, 2019 9:53 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Background: No State income tax, no debts, living within pension amount Age 73, retired, pension $42,000 (taxable amount, including SS), in good health Wife’s age 20+ years younger, in good health, currently not working, pensions at age 67 (including SS) about $1,700. In the current tax regime, I t...
by patrickscott
Sun Dec 29, 2019 9:06 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Thanks to all that replied. As always, your input, insight, experience with these investing and tax issues are invaluable.

It is reassuring to have a band or brothers and sisters that one can count on to discuss about and be advised on financial issues.

Thanks to all. Have a great 2020! :beer
by patrickscott
Sun Dec 29, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

The older I get the less clearly I understand my options. Thanks! No disrespect and only concern intended, but this is the part that caught my attention. If you have concerns about decreasing understanding connected to aging, might make sure trusted people with no financial interest in these decisi...
by patrickscott
Sun Dec 29, 2019 8:19 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Your practice of fully utilizing the 12% tax bracket is good, particularly when your SS is 85% taxable due to other income. My primary purpose in doing Roth conversions into the 22% bracket is that it is about the only way to reduce future taxable income, potentially result in avoiding Medicare IRM...
by patrickscott
Sun Dec 29, 2019 7:41 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

I think it would be very kind of you to do conversions. I would fill up to top of 22% tax rate with conversions. Just a kindly reminder to have a will and/or beneficiaries for all assets. Thanks for your reply. Fortunately all my assets, except our house which is jointly owned, have designated bene...
by patrickscott
Sun Dec 29, 2019 7:34 am
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Here's my own simpler example of the difference between marginal tax bracket and incremental tax bracket. (I'm single near the middle of the 22% marginal bracket and don't need to worry about SS or IRMMA yet). Without any Roth conversions, some of my capital gains/qualified dividends are taxed at 0...
by patrickscott
Sat Dec 28, 2019 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Age 73, retired, pension $42,000 (taxable amount, including SS), in good health Wife’s age 20+ years younger, in good health,..... A few points; 1) Your wife is younger than 53. (Exactly how old is she? It matters.) If you die tomorrow then she can put your IRA in her name and not need to start RMD...
by patrickscott
Sat Dec 28, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

These heat maps may be of benefit to you outlining the impact of social security taxability, one for single and one for married. https://www.bogleheads.org/wiki/Taxation_of_Social_Security_benefits There isn't specific enough info posted to use this, and the impact will likely change over the years...
by patrickscott
Sat Dec 28, 2019 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

In the current tax regime, I tend to think of tax rates in three groups: 10/12% , 22/24% , 32/35/37%. I do not subscribe to the notion that the top of 22% is especially significant, unlike the top of 12% or 24%. The top of the 24% bracket ($168,400 MFJ) and IRMAA ($170,000 MFJ) are close, so crossi...
by patrickscott
Sat Dec 28, 2019 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

I would do it to the top of 35% in fact, I am. Rates are going up at some point in the future as our deficits are enormous and a lot of peopleare talking about spending a lot of money. Thanks for your reply. Wow! In my case, I don't see any need to go over the top 24% bracket... although I am leani...
by patrickscott
Sat Dec 28, 2019 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Background: No State income tax, no debts, living within pension amount Age 73, retired, pension $42,000 (taxable amount, including SS), in good health Wife’s age 20+ years younger, in good health, currently not working, pensions at age 67 (including SS) about $1,700. In the current tax regime, I t...
by patrickscott
Sat Dec 28, 2019 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

I wouldn't do it. Ask your spouse if she will re-marry to save on taxes. :) It would also be "best" for her taxes if her future spouse didn't have any assets, especially a traditional IRA. :D It should be easy for her to find a future spouse with no assets. :D :D Seriously, without doing any calcs,...
by patrickscott
Sat Dec 28, 2019 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

In past years, I have been converting enough IRA to ROTH (after taking RMD) to get up to but not exceed the 12% married, filing jointly tax bracket. Question: Since my wife is so much younger and since as a widow/single her tax rate will be substantially higher than our current tax rate, should I, ...
by patrickscott
Sat Dec 28, 2019 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Dottie57 wrote:
Fri Dec 27, 2019 12:57 pm
I think it would be very kind of you to do conversions. I would fill up to top of 22% tax rate with conversions.

Just a kindly reminder to have a will and/or beneficiaries for all assets.
Thanks for your reply.

Why would you not go to the top of the 24% tax rate?

Thanks.
by patrickscott
Sat Dec 28, 2019 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

livesoft wrote:
Fri Dec 27, 2019 12:33 pm
I wouldn't do it. Ask your spouse if she will re-marry to save on taxes. :)
As long as she married somebody that has substantial funds :moneybag of his own, that would be a great idea! :D
by patrickscott
Sat Dec 28, 2019 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

Re: IRA to ROTH: Going from 12% to 24% tax bracket

Your wife's life expectancy could be another 40 years, so a very long plan is worth looking into. And you are right to anticipate her single tax bracket could be higher. While none of us really know... It might be worth transferring a big chunk in the 22% bracket for two years or so, just to give y...
by patrickscott
Fri Dec 27, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to ROTH: Going from 12% to 24% tax bracket
Replies: 44
Views: 3446

IRA to ROTH: Going from 12% to 24% tax bracket

Thank you in advance for your advice. You have always been extremely helpful... and patient with my questions. The older I get the less clearly I understand my options. Please let me know if any additional information is needed. Background: No State income tax, no debts, living within pension amount...
by patrickscott
Fri Nov 15, 2019 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

Just a brief update: Today, Nov 11, 2019, I received a notice from the IRS that my 2018 Amended Return and payment were accepted. :D " As a result you don't owe us any money, nor are you due a refund. " Thanks again, Alan. Your help is greatly appreciated. :beer Have a wonderful Holiday Season.
by patrickscott
Sun Nov 10, 2019 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: H&R BLOCK Pre-Order 2019 Software Offer
Replies: 317
Views: 28338

Re: H&R BLOCK Pre-Order 2019 Software Offer

I presume that since the address is preceded by https this a legitimate offer. Be careful. HTTPS only means that the website is running SSL encryption. It in no way guarantees that its the genuine HRBlock website as its a trivially easy thing for a hacker to setup a fake site with SSL. In this case...
by patrickscott
Fri Nov 01, 2019 9:35 am
Forum: Personal Finance (Not Investing)
Topic: H&R BLOCK Pre-Order 2019 Software Offer
Replies: 317
Views: 28338

Re: H&R BLOCK Pre-Order 2019 Software Offer

Once I ordered the 2019 tax software, for $21.60, --including sales tax-- I received this confirmation: " We'll release the product on 11/09/2019. Your activation code is: XXXX-XXXX. Use it to activate your software and redeem five free federal e-files . Once H&R Block 2019 Deluxe Federal is release...
by patrickscott
Wed Oct 30, 2019 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: H&R BLOCK Pre-Order 2019 Software Offer
Replies: 317
Views: 28338

Re: HRBLOCK Pre-Order 2019 Software Offer

Your link is for the product that does not include a state return. For those of us who need a state return, purchasing it separately can get expensive. I will be waiting. Last year Block 2018 Deluxe *including* state bundled with Federal was available for under $20 on a Black Friday Amazon deal. Th...
by patrickscott
Wed Oct 30, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: H&R BLOCK Pre-Order 2019 Software Offer
Replies: 317
Views: 28338

H&R BLOCK Pre-Order 2019 Software Offer

[Link to last year's thread is here: H&R Block 2018 Tax Software Deluxe $18.00 - Black Friday sale --admin LadyGeek] Greetings, I just received an HRBlock pre-order 2019 offer. H&R Block 2019 Deluxe Federal for $19.95 Download Did anybody else receive it? https://store.hrblock.com/checkout/2019/WDD...
by patrickscott
Sat Oct 19, 2019 10:40 am
Forum: Personal Finance (Not Investing)
Topic: I Bonds - How Your Spouse can Quickly Cash in I Bonds
Replies: 59
Views: 5419

Re: I Bonds - How Your Spouse can Quickly Cash in I Bonds

Possible Cashing In Options at the time of Bond Holder's --my-- death 1) I called and asked Treasury Direct about my widow cashing in my/our I Bonds at the time of my death: I was told that since she had Assigned Rights, she could cash in some or all of the I Bonds as long as Treasury Direct is not ...
by patrickscott
Sat Oct 19, 2019 9:48 am
Forum: Personal Finance (Not Investing)
Topic: I Bonds - How Your Spouse can Quickly Cash in I Bonds
Replies: 59
Views: 5419

Re: I Bonds - How Your Spouse can Quickly Cash in I Bonds

This means that if you expect a spouse to be able to manage things, I think it is really necessary have her literally practice the procedure, all the way down to actually redeeming, say, $10 from the account. That is, you need to be in a different room but within shouting distance, and ask your spo...
by patrickscott
Thu Sep 26, 2019 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

OP: I'm trying to resolve my own situation that's fairly similar to yours, so I have a question for you re: the 2018 amended tax return that you're preparing now. Did you get a corrected 2018 1099-R from VG already? If you didn't get a 1099-R associated with this transaction that you're doing, then...
by patrickscott
Thu Sep 26, 2019 5:35 am
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

OP: I'm trying to resolve my own situation that's fairly similar to yours, so I have a question for you re: the 2018 amended tax return that you're preparing now. Did you get a corrected 2018 1099-R from VG already? If you didn't get a 1099-R associated with this transaction that you're doing, then...
by patrickscott
Wed Sep 25, 2019 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

The amended return should only report the allowable conversion on Form 8606 (34,000) since the 11,000 was not eligible for conversion. But the 11,000 will still be taxable as an RMD distribution, as well as the earnings returned as shown on the 1099R coded P. An explanatory statement should be incl...
by patrickscott
Sat Sep 21, 2019 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

There will not be penalties of any kind: 1) No RMD failure because your RMD was distributed from your TIRA in 2018. Even though you converted it, the RMD is still deemed distributed. 2) No 6% excise tax on excess Roth contributions because you removed the excess with earnings by 10/15. The code on ...
by patrickscott
Fri Sep 20, 2019 10:29 am
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

Am I correct in thinking that to file my 2018 Amended Return, I will need, in addition to Form 8606, to report the amount of profit/loss on the RMD to ROTH amount related earnings through 12/31/2018... or am I making it too complicated? I presume that amount is to be reported as an ordinary dividen...
by patrickscott
Fri Sep 20, 2019 10:25 am
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

retiredjg wrote:
Fri Sep 20, 2019 9:36 am
patrickscott wrote:
Wed Sep 18, 2019 11:58 am
(1) I do have another small TIRA account, with an RMD of about $2,400.
Do you have any "basis" in any tIRA? Basis would be money that has already been taxed - such as from a non-deductible contribution.
Thanks for your reply.

I have no basis. The funds were not taxed previously.
by patrickscott
Thu Sep 19, 2019 10:39 am
Forum: Personal Finance (Not Investing)
Topic: How to Correct RMD to ROTH Rollover
Replies: 23
Views: 1582

Re: How to Correct RMD to ROTH Rollover

Since the excess contribution (in the amount of the RMD for 2018) was made in 2018, the earnings distributed by Vanguard will be taxable in 2018. So if you have filed 2018, it will have to be amended to report the amount of earnings distributed. Greetings again, Alan and any and all readers, :happy...