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I earn $145,000 per year in salary and bonus and I am a
Hello. I earn $145,000 per year in salary and bonus and I am a single filer. I am contributing to a traditional 401k (will max out are 19,500 contributed in 2020). I have a Roth IRA (contributed $6,00… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
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Is the contribution to an traditional IRA deductible? 2020.
Is the contribution to an traditional IRA deductible? … read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
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I'm wondering if I should make after-tax contributions and
I'm wondering if I should make after-tax contributions and convert them to a Roth IRA this year … read more
Rick
Rick
MBA
3,366 satisfied customers
I am going to income out of the ROTH IRA contributions. I
Hello, I am going to income out of the ROTH IRA contributions. I was recently told about this back door Roth where you contribute to an IRA and then convert it to a ROTH. How does that work? Are there… read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
Master's Degree
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For 2019 taxt year, i have a 403b as employee for a
for 2019 taxt year, i have a 403b as employee for a nonprofit i am maxed out, 19000$ deferral pretax, +8400 employer match, +28000 employee after tax contribution total of 56K. I also have 100K of sel… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,160 satisfied customers
I have an IRA with $255K in it. $240K are from old employer
Hi,I have an IRA with $255K in it. $240K are from old employer 401K's that I rolled over. The other $15K is after-tax non-deductible contributions that I put in with the intention of doing a backdoor … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,801 satisfied customers
I recently changed my employer. Can I do mega roth 401K
Can I do mega backdoor roth 401K twice a year (once with each employer) … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,167 satisfied customers
I'm looking for guidance in which is preferable this year:
I'm looking for guidance in which is preferable this year: investing in a Roth 401(k) or a traditional 401(k). I wish to make this choice based on the following expectations: I anticipate that by the … read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
Master's Degree
1,210 satisfied customers
Roth related questions: 1. If I currently have a Rollover
Roth related questions:1. If I currently have a Rollover IRA from previous companies (pre-tax), in order to avoid the pro-rata rule would I need to first invest the funds from the Rollover IRA into my… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
35,801 satisfied customers
I'm married filing joinly in 22% (6% state) bracket. Max out
I'm married filing joinly in 22% (6% state) bracket. Max out Roth IRAs, HSA, 403b. 10 years from retirement. On track for very comfortable retirement. Could Max out two 457 plans at $50K for next 10 y… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,167 satisfied customers
I earn over $200k annually. How can I increase my deductions
I earn over $200k annually. How can I increase my deductions for 2019? It appears there aren't many options. Start a side business and write off equipment, install solar panels, buy electric vehicles.… read more
DK_CPA
DK_CPA
CPA
Master of Science in Accounting & Taxationb
2,382 satisfied customers
I am 58 years what are the limits I can contribute to my
I am 58 years what are the limits I can contribute to my retirement in 2019. Can I contribute $25,000 to my 401(k) as well as add $7,000 to a Roth IRA and/or a traditional IRA?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
Salaried Employee looking for Tax Saving advice Married
Hi Salaried Employee looking for Tax Saving advice Married Filing Jointly expected income in 2018 is 600k … read more
Mark Anderson
Mark Anderson
Tax Attorney
2,196 satisfied customers
My wife is converting money from an ESOP from a former
My wife is converting money from an ESOP from a former employer to a Roth IRA? We have not completed the rollover yet but need to determine how much money to put into the Roth IRA and how much to pay … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,162 satisfied customers
I am trying to figure out how to minimize my tax burden in
I am trying to figure out how to minimize my tax burden in the coming year. Current 2 family income: $250,000. taxable last year was $187,000. This year I will be selling property and will have extra … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,167 satisfied customers
1. I do a ROTH conversion every year. I have no other IRAs I
1. I do a backdoor ROTH conversion every year. I have no other IRAs I do a same-day conversion from brokerage-to-IRA-to-ROTH of exactly $6,500. There is $0 taxable since it is same-day and I have not … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
In 2014 I contributed the max $5500 to a Roth IRA thinking
In 2014 I contributed the max $5500 to a Roth IRA thinking I would make less than $100k year. It turns out I made $130k which disqualifies me IRA. Turbotax is advising me to take a distribution of the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
20,865 satisfied customers
My 25-year-old friends profitable Nevada LLC pays its sole
My 25-year-old friend's profitable Nevada LLC pays its sole owner/operator a $60,000 salary annually. My friend has no other employment and the LLC has no other employees. He currently has no personal… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,666 satisfied customers
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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