Search found 4 matches

by Boglemetimbers
Sat Oct 17, 2020 1:31 pm
Forum: Personal Investments
Topic: Need some other eyes while life is in flux.
Replies: 14
Views: 2092

Re: Need some other eyes while life is in flux.

eyesonthefuture, surprised nobody had any comments about you not funding your Roth accounts. I know you are saving for house and going to have a baby, but realize Roth space is very precious. If you don't fund it in any given year, that opportunity is lost forever (you can't do double the contribut...
by Boglemetimbers
Wed Oct 14, 2020 12:02 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth Conversion 2019
Replies: 12
Views: 750

Re: Backdoor Roth Conversion 2019

I agree with you but the accountant is taking the IRA deduction and realizing the tax from the conversion in the same tax year. I get that this isn’t the same 8606 non-deductible method as most guides state. I’ve done the 8606 for the last 5 years without any issues from the IRS. Ultimately the met...
by Boglemetimbers
Tue Oct 13, 2020 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth Conversion 2019
Replies: 12
Views: 750

Re: Backdoor Roth Conversion 2019

Any insight? When you make a non-deductible contribution to a TIRA you are supposed to report that on Form 8606. When you convert TIRA assets to a Roth IRA you are supposed to report that on Form 8606. That's what Form 8606 was specifically designed for. Since your custodian is going to report your...
by Boglemetimbers
Mon Oct 12, 2020 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth Conversion 2019
Replies: 12
Views: 750

Backdoor Roth Conversion 2019

Hi all, In past years I have performed a Backdoor Roth from Traditional IRA using form 8606 as is the practice generally accepted by this forum. My accountant (reputable) is stating that the 8606 the way I have done in past years is giving them a compliance error in their system. They say they don't...