Search found 7957 matches

by Alan S.
Tue Jan 15, 2019 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Can 401k rollover be split into multiple institutions?
Replies: 1
Views: 99

Re: Can 401k rollover be split into multiple institutions?

This is perfectly OK under IRS rules, but the plan probably has some limit for the number of destination accounts. Certainly two should not be a problem since in most cases these amounts would be rolled into two different accounts anyway. Just be sure any forms are completed correctly.
by Alan S.
Tue Jan 15, 2019 3:33 pm
Forum: Investing - Help with Personal Investments
Topic: Mega Backdoor Mechanics Clarification - Check Payable to Me
Replies: 13
Views: 988

Re: Mega Backdoor Mechanics Clarification - Check Payable to Me

You might be able to endorse the check and send it to the custodian. Even though the withholding is minimal, it would simplify things is you replaced that. For the future, make sure you get a direct rollover distribution. If the Roth custodian accepts an endorsed check for a rollover contribution t...
by Alan S.
Mon Jan 14, 2019 9:39 pm
Forum: Investing - Help with Personal Investments
Topic: Mega-backdoor Roth has a loss
Replies: 13
Views: 1230

Re: Mega-backdoor Roth has a loss

As retiredjg indicated, the fact that Box 5 of the 1099R was limited to the amount of the distribution suggests that the excess basis has been retained in the after tax sub account for future use. You may or may not get to take advantage of future small gains being offset by such carryover basis. In...
by Alan S.
Mon Jan 14, 2019 3:18 pm
Forum: Investing - Help with Personal Investments
Topic: TLH is called "Murky"
Replies: 17
Views: 2054

Re: TLH is called "Murky"

When attempting to identify a similar replacement holding, many people overlook the fact that the holding being sold is not the perfect holding for them going forward, and probably was not the perfect holding for them when they bought it. Therefore, they may well be better off with something that ha...
by Alan S.
Sun Jan 13, 2019 10:21 pm
Forum: Investing - Theory, News & General
Topic: charles schwab, fidelity and seven other banks and brokerages are planning to launch a new exchange
Replies: 6
Views: 1370

Re: charles schwab, fidelity and seven other banks and brokerages are planning to launch a new exchange

ERs cannot go much lower, so the fixed costs of trading may be the next frontier in reducing overall costs of investing. The shares of the NYSE and Nasdaq dropping around 4% at the announcement suggests that the new exchange will be successful and the old guard will have to wring out some savings to...
by Alan S.
Sun Jan 13, 2019 9:38 pm
Forum: Investing - Help with Personal Investments
Topic: Mega-backdoor Roth has a loss
Replies: 13
Views: 1230

Re: Mega-backdoor Roth has a loss

Exactly how is a loss handled when a Mega-backdoor Roth conversion/distribution shows less money made it into the Roth than was put into the 401k after-tax account? This tax year (2018) could see a lot of people experience this. I understand why gains are taxed. The 1099-R form shows the employee c...
by Alan S.
Sat Jan 12, 2019 7:26 pm
Forum: Investing - Help with Personal Investments
Topic: Roth 401k - directing payments to a different custodian
Replies: 4
Views: 208

Re: Roth 401k - directing payments to a different custodian

Hi all, I am trying to convert funds from a previous employer in a roth 401k to a self directed account; however the catch is I would be interested in taking those interest payments and stick them in a index fund. Is it possible/legal to take these original funds and split them between two custodia...
by Alan S.
Sat Jan 12, 2019 6:45 pm
Forum: Investing - Help with Personal Investments
Topic: 4 cents left in traditional IRA after Backdoor Roth
Replies: 13
Views: 1212

Re: 4 cents left in traditional IRA after Backdoor Roth

I did a backdoor Roth with Chase, but since they took long to convert from traditional to Roth, my $6,000 has already earned 4 cents. The $6,000 will be moved into the Roth by monday, and the 4 cents will be sitting in traditional. Now what? I would wait until next year and just convert the extra 4...
by Alan S.
Sat Jan 12, 2019 6:28 pm
Forum: Investing - Help with Personal Investments
Topic: IRA Contributions AFTER 70 1/2 years of age??
Replies: 18
Views: 2834

Re: IRA Contributions AFTER 70 1/2 years of age??

Maybe a dumb question....or rather a dumb person asking a question :wink: : If you are retired and took lets say 100,000 out of your 401k or IRA, and at the end of the year you ended up with leftover money, can you take said money and reinvest it in a Roth IRA? Is your retirement considered "earned...
by Alan S.
Sat Jan 12, 2019 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA ineligible LOSS
Replies: 9
Views: 476

Re: Roth IRA ineligible LOSS

Sorry for the confusion and thank you for your patience. I didn’t mean add $200 to the Roth, rather the MM settlement fund. $5500 went in, the value when I discovered my error was $5300. $5300 got moved to MM settlement. There is a discrepancy with the in/out. How can I withdrawal $5500 to make It ...
by Alan S.
Sat Jan 12, 2019 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: missed RMD for several years
Replies: 5
Views: 1166

Re: missed RMD for several years

The IRS will grant almost every waiver request they get once the late RMDs are made up. But if the late RMDs are not distributed, there is no waiver granted. The IRS has been vowing to increase RMD oversight for years, and is getting some help from IRA custodians in notifying people of their RMDs, e...
by Alan S.
Sat Jan 12, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA ineligible LOSS
Replies: 9
Views: 476

Re: Roth IRA ineligible LOSS

The remedy from vanguard rep was to take $200 from my 2018 Roth to make the withdrawal equal the contribution for 2017. Essentially saying “what goes in must come out”, but I don’t see the logic. I thought I should just take the loss. I asked what would happen if it was the only investment account ...
by Alan S.
Sat Jan 12, 2019 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA ineligible LOSS
Replies: 9
Views: 476

Re: Roth IRA ineligible LOSS

Start with a 2017 5329. You would owe the 6% excise tax on 5500, or on your 12/31/2017 balance if less. For 2018, you used up your IRA space with a ND TIRA contribution, so the 2018 5329 cannot assign your 2017 Roth excess to 2018, so you are correct that you owe another 6% excise tax on a 2018 5329...
by Alan S.
Sat Jan 12, 2019 1:43 pm
Forum: Investing - Help with Personal Investments
Topic: I inherited individual stock. Should I sell it now or wait?
Replies: 28
Views: 2236

Re: I inherited individual stock. Should I sell it now or wait?

Your basis on the inherited shares are their value on the date of death. But what is that value? Death on day the markets are open - the DOD value is the average of the lowest selling price that date and the highest. It is NOT the closing value. Death on weekend or holiday - average of most recent t...
by Alan S.
Sat Jan 12, 2019 11:28 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax forms should all be available as of 1/25/19
Replies: 2
Views: 449

Re: TurboTax forms should all be available as of 1/25/19

I wouldn't count on all these "expected" availability dates to be met by the IRS, given the shutdown and TCJA required changes, as last year there were a few forms that were late (8606 as I recall was one of them) without a shutdown and prior to the major changes due to the TCJA. Tax program vendors...
by Alan S.
Fri Jan 11, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Roth Contribution Rechar'ed to Traditional on 1/7/19. Now want to perform Backdoor Roth Conversion. Need help!
Replies: 9
Views: 549

Re: 2018 Roth Contribution Rechar'ed to Traditional on 1/7/19. Now want to perform Backdoor Roth Conversion. Need help

You could, but it really makes very little difference. For example, let's assume 73 shows up for some reason in the TIRA. That would change the taxable amount of your conversion from 1227 to 1298 depending on the number of decimal places you round to for Form 8606. If you converted the 73 before yea...
by Alan S.
Fri Jan 11, 2019 3:19 pm
Forum: Investing - Help with Personal Investments
Topic: Mega Backdoor ROTH Clarification
Replies: 3
Views: 400

Re: Mega Backdoor ROTH Clarification

Not a problem. This is the standard direct rollover process. You will get a 1099R showing the taxable amount (a few bucks of earnings) in Box 2a. What your W-2 shows is another issue. I think the plan must record 18.7 of elective deferrals and treat the excess as distributed to you and recontributed...
by Alan S.
Fri Jan 11, 2019 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: How did you solve the pre-medicare healthcare riddle?
Replies: 81
Views: 5555

Re: How did you solve the pre-medicare healthcare riddle?

Eventually, when the Cobra interchange between the employer and the Cobra provider broke down, such that they did not pay claims but still sent me monthly bills, I stopped paying the premiums and went uninsured for about a year until age 65. Lucked out, no medical bills and saved a ton of premium. H...
by Alan S.
Fri Jan 11, 2019 1:57 pm
Forum: Investing - Help with Personal Investments
Topic: 401k Rollover Timing
Replies: 7
Views: 300

Re: 401k Rollover Timing

It depends on how driven and optimistic you are about finding a new job with an employer with a decent 401k plan that also accepts rollovers from other plans. Of course, there are several other considerations than just their 401k that you must consider before terminating. Most plans that accept roll...
by Alan S.
Thu Jan 10, 2019 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: RMD and IRA Transfer Timing
Replies: 16
Views: 845

Re: RMD and IRA Transfer Timing

I did this in 2018, just before turning 70.5, without any issues. I transferred a tIRA from one custodian to another before taking any QCDs or RMDs. I had considered one other option, but chose not to pursue it: I could have taken an RMD from the fund I was planning to transfer and then converted t...
by Alan S.
Thu Jan 10, 2019 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: RMD and IRA Transfer Timing
Replies: 16
Views: 845

Re: RMD and IRA Transfer Timing

SeaShelleys wrote:
Tue Jan 08, 2019 11:11 am
Thank you, Alan S. So if I understand correctly, I can do a direct transfer of the IRA from custodian to custodian? And I can do the transfer before doing the QCD & the RMD? Thanks again.
Yes, that is correct.
by Alan S.
Thu Jan 10, 2019 10:21 pm
Forum: Investing - Theory, News & General
Topic: Kitces - Retirement Tax Rate Equilibrium
Replies: 23
Views: 3310

Re: Kitces - Retirement Tax Rate Equilibrium

Also, it was not pointed out that married taxpayers will eventually be filing single, and some for many years. In those years the marginal rates would rise considerably because the single tax brackets would more than offset the reduction of income coming from elimination of the lower SS benefit, and...
by Alan S.
Thu Jan 10, 2019 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Roth Contribution Rechar'ed to Traditional on 1/7/19. Now want to perform Backdoor Roth Conversion. Need help!
Replies: 9
Views: 549

Re: 2018 Roth Contribution Rechar'ed to Traditional on 1/7/19. Now want to perform Backdoor Roth Conversion. Need help

All fairly routine and not a problem. You have the tax impact assessed correctly and should proceed with the conversion after reading the following. When you do the in kind transfer to a Roth IRA, the value of the account when the custodian processes the transfer (probably after hours) will be the g...
by Alan S.
Thu Jan 10, 2019 8:27 pm
Forum: Investing - Help with Personal Investments
Topic: I inherited individual stock. Should I sell it now or wait?
Replies: 28
Views: 2236

Re: I inherited individual stock. Should I sell it now or wait?

Am late to this thread. If the shares were for a company he worked for over a number of years or a spin off from such a company, there is a chance that they could be NUA shares. NUA shares just sit in a taxable brokerage account and are not flagged with any identification as such so many people incl...
by Alan S.
Thu Jan 10, 2019 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Same-year IRA recharacterization and conversion: Did I do this correctly?
Replies: 5
Views: 353

Re: Same-year IRA recharacterization and conversion: Did I do this correctly?

Yes, for the Schwab conversion from traditional IRA to Roth IRA, I knew there would be a tax hit and had planned for it. Maybe not pleasant for 2018 taxes, but it closes out a few-year saga with those funds and will hopefully come out for the better in the long term. My main concern is rather about...
by Alan S.
Thu Jan 10, 2019 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to Roth IRA conversion
Replies: 9
Views: 909

Re: IRA to Roth IRA conversion

Hi, I am planning to open a regular after tax IRA for 2018 and 2019 and then roll over to ROTH IRA. Currently I do not have IRA account so my conversion should not generated taxes. But I am planning to move my 401K to IRA later this year and my question is will this effect my taxes. For example I w...
by Alan S.
Thu Jan 10, 2019 12:05 am
Forum: Personal Finance (Not Investing)
Topic: Same-year IRA recharacterization and conversion: Did I do this correctly?
Replies: 5
Views: 353

Re: Same-year IRA recharacterization and conversion: Did I do this correctly?

Hello everyone! I could use a friendly sanity-check on this. In 2018 I made a same-year IRA recharacterization and conversion (details below), and while it all seemed to make sense at the time, as tax season approaches and my memory grows fuzzy, I hope I have not gotten myself into hot water. Pleas...
by Alan S.
Wed Jan 09, 2019 11:42 pm
Forum: Investing - Help with Personal Investments
Topic: Transferring IRA funds as result of divorce
Replies: 6
Views: 518

Re: Transferring IRA funds as result of divorce

Yes, she should open an IRA. Personally, I would open it at the same institution that currently holds her ex-husband’s IRA. It is my understanding that IRA’s are split with a divorce decree not a QDRO. (The QDRO is used for workplace retirement plans.) If done correctly, there should be no current ...
by Alan S.
Wed Jan 09, 2019 1:46 pm
Forum: Investing - Help with Personal Investments
Topic: Move Inherited Trad IRA Money to Trad or Roth IRA?
Replies: 12
Views: 764

Re: Move Inherited Trad IRA Money to Trad or Roth IRA?

If you are not already maxing out your IRA and workplace retirement plan contributions, you might consider the following strategy. You can use your RMD to "subsidize" additional contributions to these other plans, and if you are still not maxed out you can take out more than your RMD to help you max...
by Alan S.
Tue Jan 08, 2019 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: Mega-back-door Roth IRA tax question
Replies: 3
Views: 353

Re: Mega-back-door Roth IRA tax question

Here is a real head scratcher! Now that there are potential losses on a mega back door Roth rollover for 2018, what happens to the basis in excess of the actual distribution? This basis is to be reported on Box 5 of the 1099R per the 1099R Inst. Likewise, it is also to be reported in Box 5 for an IR...
by Alan S.
Tue Jan 08, 2019 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: tIRA to TSP and Prorata rule
Replies: 16
Views: 727

Re: tIRA to TSP and Prorata rule

You can definitely do this. I had this exact situation in 2016. Based on advice received here, I rolled the non-deductible basis portion of the IRA into my Roth, and then rolled the remaining deductible portion of the IRA into the TSP using Form TSP-60. Vanguard will not be able to certify to the T...
by Alan S.
Mon Jan 07, 2019 6:53 pm
Forum: Investing - Help with Personal Investments
Topic: Roth Conversion Question
Replies: 4
Views: 401

Re: Roth Conversion Question

It might help if you change your terminology: Taxable accounts have capital gains. Tax deferred accounts have gains which are taxed at ordinary income tax rates when withdrawn. Capital losses are netted against capital gains first; only then if there are excess losses is that excess (up to 3K annua...
by Alan S.
Mon Jan 07, 2019 6:37 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited ira
Replies: 8
Views: 499

Re: Inherited ira

If you "move" the IRA, you can ONLY do it by direct trustee transfer. Do NOT receive a distribution with the intent to roll it over because you can't and would be stuck with a taxable distribution. This is the most common and costly error made with non spouse inherited retirement accounts.
by Alan S.
Mon Jan 07, 2019 11:51 am
Forum: Investing - Help with Personal Investments
Topic: State guarantee for annuities
Replies: 30
Views: 4372

Re: State guarantee for annuities

It should be noted that some of these state guarantee funds are seriously underfunded, and it is not clear if they all use the same formulas for determining adequate funding. Should an insurer go bust, determining the sources of reimbursement could take years. If the problem is mainly with one or tw...
by Alan S.
Sun Jan 06, 2019 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax liability question
Replies: 8
Views: 718

Re: Tax liability question

I retired in 2017 and received an unexpected check for about 6000 in the beginning of 2018.It was from some anti-trust mass litigation from one of my national vendors.I am assuming I need to pay tax and of course it came after I did my Roth conversion to the top of the 12 pct bracket.Thanks. Didn't...
by Alan S.
Sun Jan 06, 2019 4:30 pm
Forum: Investing - Help with Personal Investments
Topic: Changing mistaken Roth-IRA contribution to SEP-IRA?
Replies: 25
Views: 1016

Re: Changing mistaken Roth-IRA contribution to SEP-IRA?

In any event, it is not possible to recharacterize a non SEP contribution as a SEP contribution or vice versa. SEP contributions are employer contributions and TIRA or Roth IRA contributions are personal contributions which is why this type of recharacterization is not allowed. Of course, you can st...
by Alan S.
Sun Jan 06, 2019 3:13 pm
Forum: Investing - Help with Personal Investments
Topic: Mega Backdoor Roth Question
Replies: 9
Views: 573

Re: Mega Backdoor Roth Question

OK, so now she has 3 options: 1) Being able to do the direct rollover into her Roth IRA (taxable). 2) Use Silk's option of rolling to TIRA and then converting the TIRA (2 step process, and tax reporting for both steps). 3) Receive a distribution check and doing a 60 day rollover to her Roth IRA (if...
by Alan S.
Sun Jan 06, 2019 2:02 pm
Forum: Investing - Help with Personal Investments
Topic: 64 and inherited IRA
Replies: 8
Views: 607

Re: 64 and inherited IRA

My grandfather recently passed and left my mother and her sister an IRA with over 150k. They are both beneficiaries on the account. They closed it and both are receiving separate checks for their share. I tried talking to them before they did this to no avail. My mom is 64 and doesn't pay income ta...
by Alan S.
Sun Jan 06, 2019 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Temporary IRA Withdrawl
Replies: 1
Views: 204

Re: Temporary IRA Withdrawl

You forgot the obvious "k" after your amounts. This is very risky. The landscape is riddled by IRA "loans" contingent on the closing of a real estate transaction that does not get closed on time for any number of reasons. Then you are stuck with a taxable distribution of a huge amount and loss of 30...
by Alan S.
Sun Jan 06, 2019 1:01 pm
Forum: Investing - Help with Personal Investments
Topic: Mega Backdoor Roth Question
Replies: 9
Views: 573

Re: Mega Backdoor Roth Question

OK, so now she has 3 options: 1) Being able to do the direct rollover into her Roth IRA (taxable). 2) Use Silk's option of rolling to TIRA and then converting the TIRA (2 step process, and tax reporting for both steps). 3) Receive a distribution check and doing a 60 day rollover to her Roth IRA (if ...
by Alan S.
Sun Jan 06, 2019 12:50 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover pension to Roth IRA and backdoor Roth conversion in same year
Replies: 11
Views: 513

Re: Rollover pension to Roth IRA and backdoor Roth conversion in same year

The terminology is confusing to most people, so terms are used interchangeably. Here is Form 5498, issued by the Roth IRA Custodian to report contributions of all types: https://www.irs.gov/pub/irs-pdf/f5498.pdf Note that if the rollover (either direct or 60 day) comes from a qualified plan, it is r...
by Alan S.
Sun Jan 06, 2019 12:09 pm
Forum: Investing - Help with Personal Investments
Topic: Mega Backdoor Roth Question
Replies: 9
Views: 573

Re: Mega Backdoor Roth Question

While a workaround to this problem may exist as Silk outlined, your plan MUST allow you to do a direct rollover to your Roth IRA. Per QA 4 of Notice 2008-30: Q-4. Under § 401(a)(31)(A), must a plan permit a distributee of an eligible rollover distribution to elect a direct rollover to a Roth IRA? A-...
by Alan S.
Sat Jan 05, 2019 7:24 pm
Forum: Investing - Help with Personal Investments
Topic: Can I convert a Rollover IRA to a Roth IRA?
Replies: 5
Views: 472

Re: Can I convert a Rollover IRA to a Roth IRA?

If I have $1,000 in a Rollover IRA, and exceed the Roth IRA income limit, can I do both of these things this year: 1. Convert the $1,000 from the Rollover IRA to a Roth IRA? 2. Also do a full $6,000 backdoor Roth IRA? (Create a Traditional IRA, deposit $6,000, and convert it into a Roth IRA.) I bel...
by Alan S.
Sat Jan 05, 2019 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: SALT Limitation: Better to claim state sales tax deduction instead of income tax deduction if above the 10k Limit?
Replies: 14
Views: 1896

Re: SALT Limitation: Better to claim state sales tax deduction instead of income tax deduction if above the 10k Limit?

Given the hostility over the 10k SALT limit, I can't see the IRS adopting the "unfriendly" interpretation that the refund be applied against the deducted amounts first, when there are non deducted amounts due solely to the SALT limit. Not only would that fan the flames, but could well trigger many a...
by Alan S.
Sat Jan 05, 2019 2:58 pm
Forum: Investing - Help with Personal Investments
Topic: Transfer IRA TO 401K
Replies: 9
Views: 523

Re: Transfer IRA TO 401K

You had a duplicate post, which I've removed. I also fixed the capitalization in the thread title. As noted in the previous post, please avoid all CAPS. Please see these wiki pages: - Backdoor Roth - After-tax 401(k) Going from a 401(k) to a Roth IRA is called an after-tax 401(k). You can only roll...
by Alan S.
Sat Jan 05, 2019 1:13 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover pension to Roth IRA and backdoor Roth conversion in same year
Replies: 11
Views: 513

Re: Rollover pension to Roth IRA and backdoor Roth conversion in same year

Hello, My spouse has 8k in the TRS (texas teachers) pension system defined as 401a plan. She will not be eligible for the pension so we are getting a refund. I am thinking to do a rollover into her existing Roth IRA. I am wondering if this will interfere at all with our plans to do an unrelated bac...
by Alan S.
Sat Jan 05, 2019 12:59 pm
Forum: Investing - Help with Personal Investments
Topic: Overcontributed to 401k, now what?
Replies: 2
Views: 244

Re: Overcontributed to 401k, now what?

WTH.... Vanguard 401k plan overcontributed to my account. For 2018, I had: Before-Tax: $18,500 After-Tax: $32,570 Employer-Match: $4100 So while my 401k contribution where capped at $18,500, the total going into my 401k with employer match was $55,100+, that means I am $100+ over the $55k/yr 401k l...
by Alan S.
Sat Jan 05, 2019 12:37 pm
Forum: Investing - Help with Personal Investments
Topic: Roth Contribution error
Replies: 2
Views: 275

Re: Roth Contribution error

First, if you are married filing jointly, consider the possibility that you are eligible for a spousal Roth contribution. If not, and your earned income was so low that your Roth contribution exceeded it, then you have an excess contribution. Determine how much of your contribution is excess and the...
by Alan S.
Fri Jan 04, 2019 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: SALT Deduction Limit Workarounds
Replies: 9
Views: 2438

Re: SALT Deduction Limit Workarounds

Regardless of whether any of these work around options stands or not, you will have to stomach several years of uncertainty because the IRS usually acts slowly. Then if you lose possible interest and penalties come into play. The amount at risk will grow as you use the work arounds in additional yea...
by Alan S.
Fri Jan 04, 2019 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: SALT Limitation: Better to claim state sales tax deduction instead of income tax deduction if above the 10k Limit?
Replies: 14
Views: 1896

Re: SALT Limitation: Better to claim state sales tax deduction instead of income tax deduction if above the 10k Limit?

Seems like those over the 10k Salt cap using either option would benefit from using the Gen Sales taxes in lieu of SIT for their 1040.

However, this may take further specific analysis for the state forms since some states have passed special provisions following the SALT limitation.