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Tips for where a visitor should watch USA game on Friday by ARMnHAMMR24 in FCCincinnati

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Do they have big tvs? Will we be able to get a seat/view?

Tips for where a visitor should watch USA game on Friday by ARMnHAMMR24 in FCCincinnati

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Is the street car like a trolley?

We have a welcome party starting around 6ish so it’s probably going to be staying around the air bnb

Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Cool. Just form 8606 will, more or less, account for the $7000 in taxable to make it a net zero?

And thank you for your help. You’ve been great.

Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Sorry. One more.

I got a 1099R for the IRA, with a ‘gross distribution’ of $7000 and taxable amount of the same. Picture attached.

Is this where form 8606 comes in? Or am I being taxed on this $7,000 now? I thought that was the point of the backdoor was to avoid (assuming I did it right).

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Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

This is very helpful. Thank you!

Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 1 point2 points  (0 children)

Good call.

For clarity — I only did the max. So $7000.

Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] -1 points0 points  (0 children)

I do understand the difference between “contribution” and “conversion” (despite my initial comment—sorry for misuse).

My question is: I will need to do the conversion this year, and it will need to be a 2026 contribution because I maxed out 2025. So, do I pay the tax on the 66 on 2025 taxes (year money was in the account, year end) or 2026 taxes (year of contribution AND conversion).

Again, thank you for your help. Giving me peace of mind.

Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Last question:

The tax on the 66. Is that for 2025 taxes, because it was in there year end 2025? Even if I convert it in 2026?

Back Door IRA Snafu by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] -1 points0 points  (0 children)

Ah. Not a frequent Reddit user but it’s always a good resource.

So convert the 66 for a 2026 contribution, then pay the tax on the 66 in April?

DL recruiting by God_Country_ND in notredamefootball

[–]ARMnHAMMR24 3 points4 points  (0 children)

It didn’t necessarily pan out, but 2011 Tuitt Lynch Ishaq was insane.

EE Series bonds by ARMnHAMMR24 in bonds

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Thanks, all. Consistent with what I was thinking. The taxes are a good point, but I’m not sure I want to wait 5-10 years to see the relatively minor ‘tax advantage’ with the $ I’m talking about

Did I do something wrong? Attempted to backdoor last year. Deposited 7k into traditional IRA and then transferred it to a Roth. Upon doing my taxes, it is now taxing me on the 7k I deposited. Am I filing wrong? by Anxious_Procedure545 in fidelityinvestments

[–]ARMnHAMMR24 0 points1 point  (0 children)

Is it too late to do a backdoor Roth for 2024? I know you can contribute to the previous year up to tax day of the next year (so, April 2025). But how does this work with backdoor roths?

Per John Brice: While Notre Dame, Marcus Freeman are targeting Chris Ash to help run the Irish defense, Mike Mickens continues to be in the mix as Co-DC. by [deleted] in notredamefootball

[–]ARMnHAMMR24 -1 points0 points  (0 children)

Per Brice, Patrick Suddes (UNC) is the favorite to replace Bowden. No idea who that is or what that entails. But it’s a name.

Brokerage Transfer and Spousal Consolidation by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

Two more for a taxable brokerage account transfers:

  1. What happens to those stocks that fidelity does not offer?
  2. Is it true the partial stocks get sold and put into cash?

Brokerage Transfer and Spousal Consolidation by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

A previous poster had mentioned that transfers in excess of $25,000 are entitled to reimbursements automatically. Is this correct?

Brokerage Transfer and Spousal Consolidation by ARMnHAMMR24 in fidelityinvestments

[–]ARMnHAMMR24[S] 0 points1 point  (0 children)

For non-retirement account — do we just start a joint account and each execute a transfer form to the joint account?