Search found 7 matches

by cjk164
Tue May 04, 2021 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Excess contribution 401k > Mega backdoor IRA Filing
Replies: 5
Views: 500

Re: Excess contribution 401k > Mega backdoor IRA Filing

I think I got the last question regarding the excess contribution sorted as well but would love a sanity check if someone has some knowledge on this. So for the excess amount of 388.19 that will come from the Roth account next year - I have entered a dummy 1099-R with box 1 388.19 box 2a 90.29 and ...
by cjk164
Tue May 04, 2021 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Excess contribution 401k > Mega backdoor IRA Filing
Replies: 5
Views: 500

Re: Excess contribution 401k > Mega backdoor IRA Filing

I think I got the last question regarding the excess contribution sorted as well but would love a sanity check if someone has some knowledge on this. So for the excess amount of 388.19 that will come from the Roth account next year - I have entered a dummy 1099-R with box 1 388.19 box 2a 90.29 and b...
by cjk164
Tue May 04, 2021 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Excess contribution 401k > Mega backdoor IRA Filing
Replies: 5
Views: 500

Re: Excess contribution 401k > Mega backdoor IRA Filing

I am getting a bit confused regarding an excess contribution I made and how to enter it into TaxAct and was looking for a bit of help. I made a clerical error and contributed 57,297.90 to my 401k plan leaving me with an excess contribution of after-tax dollars of 297.90 for 2020. Prior to catching ...
by cjk164
Mon May 03, 2021 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: "PSA". Not all software catches excess 401k/403b contributions
Replies: 1
Views: 218

Re: "PSA". Not all software catches excess 401k/403b contributions

I had this same complaint and filed a feature request with TaxAct but only received back some worthless canned response. I will be moving away from TaxAct next year as there rates are no longer competitive and there software has not been intuitive when it comes to more complex returns.
by cjk164
Mon May 03, 2021 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Excess contribution 401k > Mega backdoor IRA Filing
Replies: 5
Views: 500

Excess contribution 401k > Mega backdoor IRA Filing

I am getting a bit confused regarding an excess contribution I made and how to enter it into TaxAct and was looking for a bit of help. I made a clerical error and contributed 57,297.90 to my 401k plan leaving me with an excess contribution of after-tax dollars of 297.90 for 2020. Prior to catching t...
by cjk164
Mon May 03, 2021 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct. Reporting after-tax 401k --> In-plan Roth Conversion not correct. Bug, or user error?
Replies: 35
Views: 2562

Re: TaxAct. Reporting after-tax 401k --> In-plan Roth Conversion not correct. Bug, or user error?

I did a mega backdoor Roth to move my after-tax 401k contributions to a Roth IRA, and this is how I entered it in TaxAct: Wow, I never ever ever would have figured that out. Partly because I could not have imagined that I would have to go through the Q&A for the 1099-R, give all the correct inf...
by cjk164
Sat Feb 13, 2021 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct. Reporting after-tax 401k --> In-plan Roth Conversion not correct. Bug, or user error?
Replies: 35
Views: 2562

Re: TaxAct. Reporting after-tax 401k --> In-plan Roth Conversion not correct. Bug, or user error?

Just wanted to share that I am running into same issue and this was not a problem last year. I found this post after submitting a help request reporting the error. I will report back if I get anything of substance from them.