debbiewith2
debbiewith2 t1_iycn3o0 wrote
Reply to comment by AlwaysNextGeneration in My mother passed away and my father told me to pay 3000 dollars for the W2 salary from my mother. by AlwaysNextGeneration
Your mother may have owed taxes on her final tax return. The estate may have owed taxes. We don’t know what the 1040 or 1041 looked like. Do you?
debbiewith2 t1_iycmqae wrote
Reply to comment by cambriancatalyst in Income exceeded Roth IRA limit by cambriancatalyst
You’re welcome! Are there existing SEP/SIMPLE/rollover/traditional assets? If not, the backdoor may be a no brainer.
debbiewith2 t1_iyclu7u wrote
Reply to comment by cambriancatalyst in Income exceeded Roth IRA limit by cambriancatalyst
No, they mean that maybe your MAGI doesn’t put you over the limit. If it does, recharacterize this year’s Roth contributions as traditional and convert all of your traditional assets, if the taxes on any earnings and deductible contributions make sense.
debbiewith2 t1_iyc8shf wrote
Reply to comment by AlwaysNextGeneration in My mother passed away and my father told me to pay 3000 dollars for the W2 salary from my mother. by AlwaysNextGeneration
Where is the question?
debbiewith2 t1_iyc5rmw wrote
Reply to My mother passed away and my father told me to pay 3000 dollars for the W2 salary from my mother. by AlwaysNextGeneration
Could you try again with a question?
debbiewith2 t1_iyc3bk3 wrote
Reply to comment by Mysunsai in Gym membership for $200? by sgy0003
Ah, I missed that line, sorry, Yeah, OP, try a gym before or after work.
debbiewith2 t1_iyc2ynu wrote
Reply to comment by Mysunsai in Gym membership for $200? by sgy0003
I assume they mean before work or after work.
debbiewith2 t1_iy6aoqj wrote
Reply to comment by iclimbrocks24 in Want to do Backdoor IRA but I have funds in my Trad IRA by iclimbrocks24
Converting causes the tax bill, but then you should be able to convert the 2022 contributions essentially tax-free.
debbiewith2 t1_iy6a61b wrote
Reply to comment by DeluxeXL in Solo 401k contribution question by [deleted]
For 2022, they can defer employee as well!
debbiewith2 t1_iy69t4b wrote
Reply to comment by DeluxeXL in Solo 401k contribution question by [deleted]
Isn’t it too late, even with extensions (Sept 15)?
debbiewith2 t1_iugbb4u wrote
Reply to comment by Church42 in Question about 401k rollover to IRA and checks received by bulls2030
Over it’s in the traditional, OP can make decisions about how much, if any, to convert each year. Don’t forget to invest in each, OP.
debbiewith2 t1_iud9zov wrote
Reply to comment by tastethesaltinthesea in Question about backdoor Roth with large Traditional IRA by tastethesaltinthesea
Correct. Or choose to split over years. Just remember that earnings that accumulate in the traditional will be taxed when you convert. When the market is down, it is cheaper to convert. You’re welcome!
debbiewith2 t1_iucqb5f wrote
Your wife’s can be converted whether or not your plan allows for the rollin. The 8606 is per SSN not per tax return.
debbiewith2 t1_iu9oz6j wrote
Reply to comment by mightybangbang in Wife wants to return to work part time after maternity leave by mightybangbang
You are welcome! Congratulations on your growing family!
debbiewith2 t1_iu9ok8t wrote
Reply to comment by mightybangbang in Wife wants to return to work part time after maternity leave by mightybangbang
That question should be answered simply by asking what benefits are available to part-time employees.
debbiewith2 t1_iu9o5nl wrote
Reply to comment by mightybangbang in Wife wants to return to work part time after maternity leave by mightybangbang
She can talk to them about part-time, since that should be in a handbook. But she need not bring up other family planning issues.
debbiewith2 t1_iu9ndw5 wrote
Benefits will be available at a certain percent of full time - could be 50%, might be 75%.
debbiewith2 t1_iu9n76p wrote
Reply to comment by Loutro-Fift in Wife wants to return to work part time after maternity leave by mightybangbang
Well, sure it would. Other than discrimination, it’s the main reason people who care for children make less money than others. That doesn’t mean it’s not worth it, but I think it’s disingenuous to claim otherwise.
debbiewith2 t1_itz6otr wrote
Reply to comment by Anxious-Winter4039 in Tenants using utilities in my name, racked up a very large bill by Anxious-Winter4039
Don’t you have their address?
debbiewith2 t1_iycng7n wrote
Reply to comment by cambriancatalyst in Income exceeded Roth IRA limit by cambriancatalyst
So recharacterize and convert the entire account once it’s collected. You’ll expect to pay tax on the attributable gains that will move over to the traditional IRA. Next year you’ll contribute directly to the traditional and convert as soon as you can.