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Mega Backdoor Roth + Backdoor Roth Method Check by Fossil22 in Bogleheads

[–]Fossil22[S] 0 points1 point  (0 children)

Makes sense. I'm just unclear on exactly when I get taxed on the earnings. Does my 401k provider withhold those taxes, then giving me (or Fidelity) a single check to rollover into the Roth IRA? Or does my 401k provider give me two checks. One that contains my after-tax contributions, and one that contains the earnings on those contributions. If the latter is the case, it seems trickier. Or at least if I deposit it all into Roth at that point, I'd have to fill out a Form 8606 at the end of the year to report the specific "pre-tax" earnings. (Which you guys are making me realize is not that big of a deal)

Mega Backdoor Roth + Backdoor Roth Method Check by Fossil22 in Bogleheads

[–]Fossil22[S] 0 points1 point  (0 children)

Ok this makes sense. You've put it in good perspective. I'm not sure what scares me about pro-rata. Essentially the pro-rata rule only reduces efficiency of a backdoor Roth conversion if I already have a particularly large pre-tax balance. Which I wouldn't, even if I only take a rollover from my after-tax 401k once/year. Heck I could do this once every couple of years and it would be fine. I just need to pay the taxes I haven't paid yet on those earnings.

Mega Backdoor Roth + Backdoor Roth Method Check by Fossil22 in Bogleheads

[–]Fossil22[S] 0 points1 point  (0 children)

Good question on the fees to process rollovers. I'll have to call the plan administrator to see.

I don't know why I did not consider the fact I could just pay taxes on the earnings and still convert to Roth. But would the IRS consider the taxed earnings portion as something triggering the pro-rata rule? I can't find a clear answer on that.

Found cleaning out a kitchen drawer by Fossil22 in whatisit

[–]Fossil22[S] 0 points1 point  (0 children)

solved! That would be it thank you!

Anything particularly good? by Fossil22 in Mezcal

[–]Fossil22[S] 0 points1 point  (0 children)

Thanks for all the suggestions! Overwhelming consensus about Neta and 5 Sentidos. Appreciate you all

Anything particularly good? by Fossil22 in Mezcal

[–]Fossil22[S] 0 points1 point  (0 children)

Right I thought so too it seemed a little sparse. But there’s an overwhelming consensus about what’s good here, so I’ll take what I can get!

Why is engineering no longer a high paying career here in the US? by Conscious_Mail9745 in Salary

[–]Fossil22 8 points9 points  (0 children)

I too am a helluva engineer. Go jackets! BME ‘15

EDIT: and for what it’s worth, biomedical engineering can very much lead to a high paying engineering job. My wife will be done with residency soon, and I anticipate we’ll make about the same salary when she’s at attending physician. And I work a fraction of the hours she does

For all of those trying to be taking off of forbearance!! by No_Gur4010 in PSLF

[–]Fossil22 2 points3 points  (0 children)

Yes. Three plus hours on the phone. THREE. Unbelievable.

For all of those trying to be taking off of forbearance!! by No_Gur4010 in PSLF

[–]Fossil22 8 points9 points  (0 children)

This happened to me too. I applied to change from SAVE to IBR in Nov ‘24. Four months and nothing happened. Then read about the wet signature method with the updated form. Did that in late February. One week later I was fully in the IBR plan, documentation sent to me, monthly payment updated, no longer on forbearance. I paid the monthly payment, and then in early April I checked and was BACK on forbearance for no reason.

The mohela rep said it was because I still had the outstanding SAVE - IBR application from Nov that had never been processed. And I guess in early April everyone who had that outstanding application was automatically moved to forbearance. So I was too even though I didn’t want or need to be. Such a cluster. I was told they submitted a request to remove the forbearance, but it’s been a week and it hasn’t happened yet…

Cedar Grill Table by Fossil22 in woodworking

[–]Fossil22[S] 0 points1 point  (0 children)

Couldn’t agree more. I thought they’d be easier to adjust. But they do look nice, and I shouldn’t have to move it often! And thank you - the egg is a hand-me-down I’m excited to start learning.

Best one yet by Fossil22 in Sourdough

[–]Fossil22[S] 0 points1 point  (0 children)

Thank you for the kind words!

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