Search found 15 matches

by cantoque
Mon Mar 16, 2020 8:11 am
Forum: Personal Consumer Issues
Topic: Tried to cancel flight, got charge dispute instead? (Chase)
Replies: 13
Views: 1563

Re: Tried to cancel flight, got charge dispute instead? (Chase)

I actually wanted to pick people's brains more about experiences regarding the charge dispute and any future ramifications it might have if I don't cancel it (which at this point appears to require a lot of time on the phone on hold). There should be a place on the website that has a list of your o...
by cantoque
Sat Feb 01, 2020 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: 3 RSU events...how to handle
Replies: 14
Views: 991

Re: 3 RSU events...how to handle

I personally would sell them without worrying about wash sale issues. As long as you are making no purchases for 31 days after the final sale, then any by-the-book calculation of wash sales gives the exact same result as ignoring wash sales, so just ignore them. Note this is not advocating skirting ...
by cantoque
Mon Jan 13, 2020 1:11 am
Forum: Personal Investments
Topic: Using a big cash pile to pay down mortgage? A little paralyzed here
Replies: 25
Views: 3010

Re: Using a big cash pile to pay down mortgage? A little paralyzed here

The main reason our current retirement savings are directed so heavily to pre-tax is because it keeps our AGI below $400K. With the two kids, the phaseout of the child tax credits is brutal (+10% marginal rate). It’s actually 5%, regardless of the number of children. You will see some documentation...
by cantoque
Thu Apr 18, 2019 8:03 am
Forum: Personal Investments
Topic: Roth IRA Withdrawal - Penalized or Not??
Replies: 7
Views: 732

Re: Roth IRA Withdrawal - Penalized or Not??

bhwabeck3533 wrote: Thu Apr 18, 2019 6:23 am 3) What IRS form/schedule could inform me on the required information to avoid being taxed if we withdraw money this year from the Roth IRA?
You would report this as a non qualified distribution on Form 8606 and then adjust the distribution by your contribution basis, line 22.
by cantoque
Fri Mar 01, 2019 12:10 am
Forum: Personal Finance (Not Investing)
Topic: House Cost Basis Questions
Replies: 30
Views: 1717

Re: House Cost Basis Questions

Nearly A Moose wrote: Thu Feb 28, 2019 9:22 pm I live in a HCOL area and expect to eventually consume the exclusion limit (although not on this transaction), so I'm trying to catch what I can.
I think you are misunderstanding the exclusion. It is per-sale, not a lifetime limit.
by cantoque
Mon Feb 25, 2019 3:41 am
Forum: Personal Finance (Not Investing)
Topic: Reminder: phaseouts contribute to marginal tax rates
Replies: 3
Views: 539

Re: Reminder: phaseouts contribute to marginal tax rates

Under the 2018 tax law, child tax credit phaseout adds an additional 5% to your marginal rate starting at AGI of about $400k. The thing about these phaseouts is that they usually are based on AGI and not taxable income, which means they affect your tax rate on the next dollar earned, but they don’t ...
by cantoque
Thu Feb 21, 2019 8:18 am
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

Ah, indeed. But if that's the case, for the first 1099-R , why are the box 1 and box 5 amounts different ? Box 1 matches exactly what went to the Roth IRA. Box 5 is your “contributions” part of the Roth IRA rollover on that form, which should be the total of all your Ater-tax contributions plus the...
by cantoque
Thu Feb 21, 2019 12:05 am
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

As I understand, the taxable amount should be E1 + E2 . E1 for the in-plan rollover, and E2 from the earnings on additional contributions, post-rollover. Did I get that right ? This is one possibility, but it does depends on what money ended up where. For example, it is legal to take a rollover of ...
by cantoque
Wed Feb 20, 2019 7:12 pm
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

I can get the total of all my after-tax 401k contributions for 2017 and 2018 when I get home . And then I can subtract them from the total rollover to roth IRA amount of $42,439.53 in July. That should give me the sum of the taxable earnings, both from the in-plan rollover to Roth, and later to the...
by cantoque
Wed Feb 20, 2019 6:45 pm
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

Only the earnings on the additional after-tax contributions between January and July should be taxed at the time of the July rollover.
And this is probably exactly what is listed in the “taxable part” portion of your second 1099-R.
by cantoque
Wed Feb 20, 2019 6:42 pm
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

Gross : $42,439.53 Taxable : $1110.09 Non-taxable : $41,329.44 . Net : $42,439.53 . But the $1110.09 amount does not show as taxable either of the 1099-Rs that Fidelity sent me. I believe that's an error on the Fidelity 1099-R form. Don’t let this part confuse you. I’ve seen this before, and in thi...
by cantoque
Wed Feb 20, 2019 6:34 pm
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

Most likely the first 1099-R is reporting the rollover from the Roth 401(k) to the Roth IRA, which is not taxable. Box 5 is reporting your contribution basis, which is important if you decide to do an early withdrawal (since it can be withdrawn tax free, and penalty free if 5 years have passed from...
by cantoque
Wed Feb 20, 2019 6:00 pm
Forum: Personal Investments
Topic: Mega backdoor Roth Turbotax headache
Replies: 19
Views: 2531

Re: Mega backdoor Roth Turbotax headache

Most likely the first 1099-R is reporting the rollover from the Roth 401(k) to the Roth IRA, which is not taxable. Box 5 is reporting your contribution basis, which is important if you decide to do an early withdrawal (since it can be withdrawn tax free, and penalty free if 5 years have passed from ...
by cantoque
Mon Feb 18, 2019 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: [2018 tax return - How does it compare to previous years?]
Replies: 441
Views: 37229

Re: [2018 tax return - How does it compare to previous years?]

Decrease in taxes paid for my family, but it is complicated. California (high state tax) MFJ with four kids (lots of exemptions) means we used to be hit with AMT. The 10k SALT limit affects us now, but on AMT you get zero SALT deductions, so net win there. Child tax credit was also a big win, since ...