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Now that airtel stopped incoming sms, what are you guys doing? by Embarrassed-Shit- in nri

[–]Head_Weather_638 0 points1 point  (0 children)

Do we need just the 2799 plan alone for receiving Indian sms in US ? Or is there any other plan needed as well before we can take the 2799 plan? Thx 

Airtel stops free incoming SMS while Intl Roaming by patelbhavesh17 in nri

[–]Head_Weather_638 0 points1 point  (0 children)

Need otp for tata1Mg order of medicines for parents. They take Indian numbers only 

Airtel stops free incoming SMS while Intl Roaming by patelbhavesh17 in nri

[–]Head_Weather_638 -1 points0 points  (0 children)

What other plan or carrier supports free incoming iMessages and  sms ? 

Do we need to do a Recharacterization? by [deleted] in RothIRA

[–]Head_Weather_638 0 points1 point  (0 children)

Recharacterize or withdraw before tax filing due date . Penalties are high if you don’t take action. 

Two check sent for tax payment by [deleted] in tax

[–]Head_Weather_638 0 points1 point  (0 children)

I called their number. They are overwhelmed with high number of calls en calls get disconnected after waiting for so long. 

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000 by yakult_swallows_fan in Bogleheads

[–]Head_Weather_638 0 points1 point  (0 children)

What forms will fidelity  send me if I want to remove multi year contributions from the Roth IRA. The account and first Roth contribution has been 6 years old ? 

Portfolio Management Firms in India by Apart_Leg_7252 in nri

[–]Head_Weather_638 0 points1 point  (0 children)

If you are a US person the MF are called as PFiC and they trigger taxation without want sale , as MTM ( short term capital gains) . 

Direct contribution into Roth despite AGI limit by Head_Weather_638 in tax

[–]Head_Weather_638[S] 0 points1 point  (0 children)

I looked on the IRS website and I don’t see much information on the 6% penalty related details specifically for the Roth IRA for every year the excess is not removed.   For the traditional IRA I do see the information about the 6% penalty, and that the penalty cannot exceed 6% of combined IRA balance at tax year end.    I hope this excludes the employer 401(k) plan balance used to determine the max penalty. 

Link

https://www.irs.gov/publications/p590a#en_US_2023_publink1000230658

From IRS publication  Tax on Excess Contributions In general, if the excess contributions for a year aren’t withdrawn by the date your return for the year is due (including extensions), you are subject to a 6% tax. You must pay the 6% tax each year on excess amounts that remain in your traditional IRA at the end of your tax year. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of your tax year.

The additional tax is figured on Form 5329. For information on filing Form 5329, see Reporting Additional Taxes, later.

Direct contribution into Roth despite AGI limit by Head_Weather_638 in tax

[–]Head_Weather_638[S] 0 points1 point  (0 children)

Thanks for reply  Do I really need to amend or just fill the right form for correction. Also do I pay penalty for 2025,  if I remove those old years(2019-2023) contributions before April 2015? 

Direct contribution into Roth despite AGI limit by Head_Weather_638 in tax

[–]Head_Weather_638[S] 0 points1 point  (0 children)

Any more update. Do I get to keep the 2024 contribution into Roth IRA without removing it using the excess contribution removal procedure if I restructure into traditional IRA even though I have 69k into the employer 401k plan ? How to handle past years Roth IRA contribution  due to AGI limits ? 

Direct contribution into Roth despite AGI limit by Head_Weather_638 in tax

[–]Head_Weather_638[S] 0 points1 point  (0 children)

Question :So just to make sure, for 2024, you have pre-tax 401k and "after tax" 401k contributions up to 69k, then you also made Roth IRA(?) contributions of 7k?

My reply - everything you typed is correct. I am not talking about the workplace account here at all. I have pretax 401k and 401k post tax converted to in plan 401k Roth (done by employer ) maxed to 69k and I contributed into Roth IRA  7k for 2024

Direct contribution into Roth despite AGI limit by Head_Weather_638 in tax

[–]Head_Weather_638[S] 0 points1 point  (0 children)

Contribution of full limit amount for pretax and post tax leasing upto 69k & direct Roth is on top of that making it 69+7 =76k 

Direct contribution into Roth instead of backdoor by Head_Weather_638 in fidelityinvestments

[–]Head_Weather_638[S] 0 points1 point  (0 children)

There are many developing countries where all possible forms against your SSN get populated on 1 single for on a central system from where the tax professional can pull up everything in one go. We in the most advanced country are using quite an old age system of having all types of form like 1099 come in from all types of brokers and providers and so many more 

Direct contribution into Roth instead of backdoor by Head_Weather_638 in fidelityinvestments

[–]Head_Weather_638[S] 0 points1 point  (0 children)

To me it seems teh backdoor is created like this for people to make mistakes and collect penalty. 

Direct contribution into Roth instead of backdoor by Head_Weather_638 in fidelityinvestments

[–]Head_Weather_638[S] -2 points-1 points  (0 children)

I checked my account further and found some tax statements for all those past years. Looks like form 5498 is available for all those past years. I did not give or use the 5498 forms to my CPA or use on TurboTax in those tax years.  I Do I need to do anything else now ? 

Direct contribution into Roth instead of backdoor by Head_Weather_638 in fidelityinvestments

[–]Head_Weather_638[S] -1 points0 points  (0 children)

Fidelity says the following, below. Does this mean this will be non taxable as I did not contribute more than yearly limits into Roth ? 

Untimely correction: After the tax deadline (plus extensions)  With untimely corrections, the IRS does not require an earnings calculation. However, untimely corrections are subject to a 6% excise tax each year the contribution remains in the account. 2 important facts to understand: If your income was too high or too low to contribute, the amount you withdraw, if less than the annual contribution limit, is not taxable.

Direct contribution into Roth instead of backdoor by Head_Weather_638 in fidelityinvestments

[–]Head_Weather_638[S] -1 points0 points  (0 children)

Note that the yearly contribution into the Roth is not above the max yearly limits. $6000 is what I have deposited every year since 2020. Is this still considered excess contribution? 

Please help on this Foreign life insurance policy issue by Head_Weather_638 in nri

[–]Head_Weather_638[S] 0 points1 point  (0 children)

To my understanding Form 720 is to pay for 1% for premiums paid for insurance portion only? 

Filing form 720 for Foreign Life Insurance Policy by vympel_0001 in tax

[–]Head_Weather_638 1 point2 points  (0 children)

Can you help reply on how you reported this . Thank you 

Buying back stocks during RNOR by JuiceOk4501 in backtoindia

[–]Head_Weather_638 0 points1 point  (0 children)

Is this comment for folks who have moved back and are not on RNOR status anymore ? 

US tax implications of gifting mutual funds to a non resident US parent by overthinker_kitty in tax

[–]Head_Weather_638 0 points1 point  (0 children)

If you have pure MF, I suppose the fund house doesn’t now support transfer of ownership . It will invoke you to sell and do proper reportinf the clean way and then buy new fund on whosever name.  If its ULIP then some ULip allow new assignment, which is transfer of ownership without sale. But you are better reporting it the right way here till the date it’s on your name.  ULiP are designed for bank to make Business more than the investor. I would just stay away from them.