Roth IRA - so who hit 'enter' at 12:01AM this morning?

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F150HD
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Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by F150HD »

....and made their 2020 contribution? :moneybag

Though one cannot actually do a buy today, I did move funds to my Roth (though not at 12:01).

I don't do a ton of transactions at VG (buy and hold is the motto here, right?) so still find moving money there somewhat clunky and not always intuitive? Though its so infrequent maybe it doesn't matter much.

:greedy
livesoft
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by livesoft »

OK, you made me do it. I added to a Roth IRA just now and the money will be available before the market opens tomorrow, so that I can buy at the opening cross and get the entire day's loss if that happens.

My cash comes from dividends paid yesterday.
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runner3081
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by runner3081 »

Was sound asleep. No need to do something unnecessarily that creates zero action at the moment :)
nolesrule
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by nolesrule »

We don't have any earned income in 2020 yet.
mortfree
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by mortfree »

4:30AM EST

Will buy 6k VBIAX to add to my position started in 2019.
Compound
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by Compound »

Submitted IRA transfer this morning. Good stuff.
aednichols
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by aednichols »

My direct deposit landed a day early (Monday) because of NYE. I resisted the urge to add to my taxable portfolio on 12/30 in favor of a Roth contribution around 12:30 PM today. Of course the MF trade won't execute until 4:30 PM Thursday anyway.
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noraz123
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by noraz123 »

10:00 AM I made the contributions to our regular IRA accounts. Once settled, will transfer to Roth IRAs to complete the backdoor 2020 contributions.
Big Dog
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by Big Dog »

don't forget the HSA....
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KingRiggs
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by KingRiggs »

Big Dog wrote: Wed Jan 01, 2020 1:04 pm don't forget the HSA....
Yep. HSA is my first to do item, since my goal was to get 2 years of maximum out-of-pocket invested ASAP. Roth comes next.
Advice = noun | Advise = verb | | Roth, not ROTH
TBillT
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by TBillT »

...did it 30-Dec made the plunge well into 22% tax bracket into second IRMAA tier
I do wish we had 30-day grace period to review numbers and reverse if necessary.
aednichols
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by aednichols »

Big Dog wrote: Wed Jan 01, 2020 1:04 pm don't forget the HSA....
I would but I have mine through work and contributing monthly via DD saves me payroll tax in addition to the usual income tax. This is of course wildly unfair for no reason in favor of people who have workplace plans.
KlangFool
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by KlangFool »

OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
illumination
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by illumination »

I always want to wait a few days/weeks just to give the brokerages time to work out any kinks after the new year updates. I'll let somebody else be the beta testers.

I do the "backdoor" Roth and I feel like the extra steps make it more likely for a screwup right out of the gate.

Probably overly cautious on my end. An extra week won't kill my retirement. :sharebeer
aednichols
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by aednichols »

KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
Is this because your income is variable (abundance of caution) or is there an actual rule saying the income has to come in before the contribution?
blahblahsunshine
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by blahblahsunshine »

livesoft wrote: Wed Jan 01, 2020 12:23 pm OK, you made me do it. I added to a Roth IRA just now and the money will be available before the market opens tomorrow, so that I can buy at the opening cross and get the entire day's loss if that happens.

My cash comes from dividends paid yesterday.
Hi Livesoft question/comment - so you can use dividends to fund a roth IRA? I thought it had to be normal earned income. If dividends to Roth works it would be a real boon for me.
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rocket354
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by rocket354 »

Just came here after initiating my 2020 contribution, shortly after noon.

Due to paycheck and ESPP timing, I'm already most of the way to the earned income threshold. If I die in the next week...well, I guess my heirs can figure out how to roll back whatever portion they need to. Otherwise, I'll take my time in the market.
livesoft
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by livesoft »

blahblahsunshine wrote: Wed Jan 01, 2020 1:32 pmHi Livesoft question/comment - so you can use dividends to fund a roth IRA? I thought it had to be normal earned income. If dividends to Roth works it would be a real boon for me.
As long as there are eligible earnings, one can use money from anywhere. The 12/31 dividends went into my checking account and from my checking account they will go into my Roth IRA. As for whether I have earnings: I don't personally have any earnings, but my spouse gets a paycheck soon and it will have enough to cover my partial contribution. All these folks who are pressing 'enter' today may not have any 2020 earning yet, but perhaps they are like my spouse with the first pay check of 2020 earning money during the last week of December and the first week of January.
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02nz
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by 02nz »

aednichols wrote: Wed Jan 01, 2020 1:30 pm
KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
Is this because your income is variable (abundance of caution) or is there an actual rule saying the income has to come in before the contribution?
There is no such rule. If by the end of the year you have less (or zero) earned income than you contributed, you can remove the "excess contribution."
KlangFool
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by KlangFool »

aednichols wrote: Wed Jan 01, 2020 1:30 pm
KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
Is this because your income is variable (abundance of caution) or is there an actual rule saying the income has to come in before the contribution?
aednichols,

I need to make sure that I am not laid off before I contribute to Roth IRA.

KlangFool
QoolQat
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by QoolQat »

Done!!

Glad to know I'm not the only one. :happy
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by Jack FFR1846 »

Nope. Won't contribute to the 2019 Roth until our tax returns are complete and we know how much we can contribute. I expect to be somewhere in the phase out zone. Had to remove excess 2 years ago for the first time. Too much of a hassle. I'll just wait.
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blahblahsunshine
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by blahblahsunshine »

KlangFool wrote: Wed Jan 01, 2020 1:42 pm
aednichols wrote: Wed Jan 01, 2020 1:30 pm
KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
Is this because your income is variable (abundance of caution) or is there an actual rule saying the income has to come in before the contribution?
aednichols,

I need to make sure that I am not laid off before I contribute to Roth IRA.

KlangFool
KlangFool - Would you get a severance that would cover the income?
MotoTrojan
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by MotoTrojan »

Big Dog wrote: Wed Jan 01, 2020 1:04 pm don't forget the HSA....
That comes via payroll for me. Less taxes plus a contribution from employer.
MathWizard
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by MathWizard »

I won't do my 2019 contribution until I do my 2019 taxes, so probably late March.

I'm able to max my 403b and ROTHs with catchups now, but am still building up.money to be on the current year with ROTHs after
paying off the house early,
cash flowing college costs for the kids ,
house maintenance,
replacing both cars and
a 35th anniversary trip to Europe
all in the last 2 years.

Lots of extra cash flowing from through the checking account in that time.

If we are lucky, may be able to contribute for both 2020 and 2021next year.
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F150HD
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by F150HD »

KlangFool wrote: Wed Jan 01, 2020 1:42 pm aednichols,

I need to make sure that I am not laid off before I contribute to Roth IRA.

KlangFool
Thats a good point to think about for some folks. :thumbsup
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by KlangFool »

blahblahsunshine wrote: Wed Jan 01, 2020 1:54 pm
KlangFool wrote: Wed Jan 01, 2020 1:42 pm
aednichols wrote: Wed Jan 01, 2020 1:30 pm
KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
Is this because your income is variable (abundance of caution) or is there an actual rule saying the income has to come in before the contribution?
aednichols,

I need to make sure that I am not laid off before I contribute to Roth IRA.

KlangFool
KlangFool - Would you get a severance that would cover the income?
Or, I may not get any severance if I am laid off. I have no idea.

KlangFool

P.S.: I had been facing annual and quarterly laid off the last 10+ years. I do not assume that I will have a job for any year.
Last edited by KlangFool on Wed Jan 01, 2020 2:14 pm, edited 1 time in total.
Xrayman69
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by Xrayman69 »

illumination wrote: Wed Jan 01, 2020 1:29 pm I always want to wait a few days/weeks just to give the brokerages time to work out any kinks after the new year updates. I'll let somebody else be the beta testers.

I do the "backdoor" Roth and I feel like the extra steps make it more likely for a screwup right out of the gate.

Probably overly cautious on my end. An extra week won't kill my retirement. :sharebeer
Just clunked though the VG site. 5 minutes. Took funds from the money market brokerage account and transferred into traditional IRA. No recent losses from equity account given the year end highs to take advantage of TLH. Will do backdoor ROTH in a similar manner once funds clear over the next week. Will do same for spouse later today hopefully as soon as she’s in the “mood” to remember her passwords.
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by papito23 »

I wait at least until tax time to determine optimum split between Trad and Roth IRAs for previous year. I'm always a year behind. There are some tax credit cliffs that I don't want to miss by a few hundred dollars.
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MotoTrojan
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by MotoTrojan »

livesoft wrote: Wed Jan 01, 2020 12:23 pm OK, you made me do it. I added to a Roth IRA just now and the money will be available before the market opens tomorrow, so that I can buy at the opening cross and get the entire day's loss if that happens.

My cash comes from dividends paid yesterday.
What are the pros/cons of using the opening cross? How do you know how many shares to buy, unless you leave a good bit of excess cash floating in the IRA after the purchase?
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White Coat Investor
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by White Coat Investor »

F150HD wrote: Wed Jan 01, 2020 12:17 pm ....and made their 2020 contribution? :moneybag

Though one cannot actually do a buy today, I did move funds to my Roth (though not at 12:01).

I don't do a ton of transactions at VG (buy and hold is the motto here, right?) so still find moving money there somewhat clunky and not always intuitive? Though its so infrequent maybe it doesn't matter much.

:greedy
Putting in step one of my Backdoor Roth IRA today, but I certainly had better things to do at 12:01.
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course
marcopolo
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by marcopolo »

KlangFool wrote: Wed Jan 01, 2020 2:11 pm
blahblahsunshine wrote: Wed Jan 01, 2020 1:54 pm
KlangFool wrote: Wed Jan 01, 2020 1:42 pm
aednichols wrote: Wed Jan 01, 2020 1:30 pm
KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
Is this because your income is variable (abundance of caution) or is there an actual rule saying the income has to come in before the contribution?
aednichols,

I need to make sure that I am not laid off before I contribute to Roth IRA.

KlangFool
KlangFool - Would you get a severance that would cover the income?
Or, I may not get any severance if I am laid off. I have no idea.

KlangFool

P.S.: I had been facing annual and quarterly laid off the last 10+ years. I do not assume that I will have a job for any year.
So many of your reasons for not doing financially prudent things (this is a minor one) are based on fear of being unemployed, I wonder if you have ever calculated how much that is costing you. It reminds me of the saying that goes something like:

"more money has been lost in anticipation of recessions than in actual recessions."
Once in a while you get shown the light, in the strangest of places if you look at it right.
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by dru808 »

nolesrule wrote: Wed Jan 01, 2020 12:26 pm We don't have any earned income in 2020 yet.
Lol, hadn’t even thought of that.
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LazyNihilist
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by LazyNihilist »

livesoft wrote: Wed Jan 01, 2020 1:37 pm
blahblahsunshine wrote: Wed Jan 01, 2020 1:32 pmHi Livesoft question/comment - so you can use dividends to fund a roth IRA? I thought it had to be normal earned income. If dividends to Roth works it would be a real boon for me.
As long as there are eligible earnings, one can use money from anywhere. The 12/31 dividends went into my checking account and from my checking account they will go into my Roth IRA. As for whether I have earnings: I don't personally have any earnings, but my spouse gets a paycheck soon and it will have enough to cover my partial contribution. All these folks who are pressing 'enter' today may not have any 2020 earning yet, but perhaps they are like my spouse with the first pay check of 2020 earning money during the last week of December and the first week of January.
IRA eligible compensation for contribution

Includes
wages, salaries, etc.
commissions.
self-employment income.
alimony and separate maintenance.
nontaxable combat pay.

Doesn't include
earnings and profits from property.
interest and dividend income.
pension or annuity income.
deferred compensation.
income from certain partnerships.
any amounts you exclude from income.

https://www.irs.gov/pub/irs-pdf/p590a.pdf
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livesoft
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by livesoft »

MotoTrojan wrote: Wed Jan 01, 2020 2:19 pmWhat are the pros/cons of using the opening cross? How do you know how many shares to buy, unless you leave a good bit of excess cash floating in the IRA after the purchase?
I'm not doing this to make money. I'm doing this just to post that I will buy before anybody else at bogleheads.org. Although maybe now that you know that, you will buy in pre-market trading. :twisted:

The pros of the opening cross: Buy at the open without any bid/ask spread. It may be the lowest price of the day or the year. (Ha! Fat chance!

The cons of the opening cross: There may not be good "price discovery" at that point. Traders and others are just guessing what a fair price should be based on perhaps world stock markets (I'm not sure that they will be open on Jan 2), futures markets, and pre-market trading.

One time in 2015 I sold at the opening cross and by the end of the day the Total Stock Market Index fund had lost more than 4%. That one trade was enough to cover all my bid/ask spreads for a decade or more.
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mmmodem
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by mmmodem »

KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
That makes sense. I made our contribution this morning so I’ll let it ride. Next year I’ll wait until we have the $12k or maybe $13k income.
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by dru808 »

papito23 wrote: Wed Jan 01, 2020 2:18 pm I wait at least until tax time to determine optimum split between Trad and Roth IRAs for previous year. I'm always a year behind. There are some tax credit cliffs that I don't want to miss by a few hundred dollars.
Same here.
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Spirit Rider
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by Spirit Rider »

LazyNihilist wrote: Wed Jan 01, 2020 2:35 pm IRA eligible compensation for contribution

Includes
alimony and separate maintenance.
Under the TCJA, alimony from divorces final after 12/31/2018 are not taxable income and are not considered compensation eligible for IRA contributions.
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btq96r
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by btq96r »

Closer to 1:30am after all the festivities died down than 12:01am...but yeah, I went ahead and knocked it out.

This is an annual tradition for me. It's small, and possibly a tad bit stupid given the emotion, but I want to start the new year honoring a commitment. A Roth IRA was my first serious investment vehicle. I opened it up when a well paying job helped me get to digging out of a hole from of debt and I was just beginning to get smart about money. I told myself that I would continue to make saving for my old age or misfortune a priority, so making the max contribution to my Roth IRA as the first priority of a new year helps keep my focus locked in.
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telemark
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by telemark »

KlangFool wrote: Wed Jan 01, 2020 1:19 pm OP,

Not buying until I have earned income of 6K in 2020.

KlangFool
That was what I did the year I retired. In the unlikely event that I have earned income in 2020, I will contribute it as fast as it comes in.
skyghost
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by skyghost »

Hit submit at 1pm with some money I tax loss harvested from the taxable account a few days earlier.
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jhfenton
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by jhfenton »

Not I. I was asleep by 9:30 last night. I ran 20K with friends this morning, had brunch, came home and reviewed a few last minute contract extensions that were sent to me this morning, and then transferred $583.33 to my Roth IRA where it will sit until I can invest it into one of the three ETFs in the account tomorrow.

I could just as easily have made the transfer tomorrow, and it would have made no difference.

*$583.33 is roughly 1/12 of $7,000. I'll transfer that amount twice per month from our checking into our Roths. I'll alternate unless one account underperforms the other and needs the funds. (They have non-overlapping holdings.) With our catchup contributions kicking in this year, we are unlikely to have excess cash to accelerate the Roth contributions.
mindboggling
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by mindboggling »

I can no longer contribute to IRAs as i am retired and have no earned income. I did, however, go to my donor-advised-fund and allocate to some non-profits. I am also preparing to deposit money to Treasury Direct for I-bonds.
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fresh_boglehead
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by fresh_boglehead »

I came here looking for this post to get a sense of how people on here approach this. This will be only our 2nd year maxing out Roth's through backdoor, and after reading a bit, I think we will likely wait until we do our 2019 taxes first though we have the cash now.
cherijoh
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by cherijoh »

TBillT wrote: Wed Jan 01, 2020 1:08 pm ...did it 30-Dec made the plunge well into 22% tax bracket into second IRMAA tier
I do wish we had 30-day grace period to review numbers and reverse if necessary.
It sounds like you are referencing a Roth conversion and not the normal annual Roth contribution that the OP was talking about. (You can still recharacterize Roth contributions).
BanditKing
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by BanditKing »

Just did it now (1/1 @ 4pm Central) - $6k into Wellington Admiral (VWENX). Tried to do it yesterday evening after market close, but Vanguard's site wasn't set up for it yet and it spit out an error with a "try back later".
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vitaflo
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by vitaflo »

I usually wait until the end of the year to make sure I haven't gone over the Roth IRA income limit (which I almost always do). As such, I'm making my 2019 contribution today. :)
robertfromtx
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by robertfromtx »

I'm attempting to make a $6,000 roth ira contribution for 2020 from my vanguard taxable settlement fund. I keep getting an error that says "We can't accept this transfer because the amount exceeds your current funds available to withdraw."

The balance in the settlement fund is $6,007.72 and the funds have been there for 30+ days, so they're collected. The "funds available to trade" is $6,007.72. (accounts aren't new either, all opened in 2018)

Any ideas why I'm getting this error?
lifeisinmirrors
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by lifeisinmirrors »

I've contributed at 12:01 a.m. before, but Vanguard's site wasn't ready for it this year. I contributed $6000 this morning.
MotoTrojan
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Re: Roth IRA - so who hit 'enter' at 12:01AM this morning?

Post by MotoTrojan »

vitaflo wrote: Wed Jan 01, 2020 5:10 pm I usually wait until the end of the year to make sure I haven't gone over the Roth IRA income limit (which I almost always do). As such, I'm making my 2019 contribution today. :)
Do you have pretax IRA assets? Could just backdoor.
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