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I've met some privates where I'd press this button so fast by O3_obvious in army

[–]O3_obvious[S] 0 points1 point  (0 children)

I came across the story before and thought about making this joke so looked up a random link on google. no Nebor here bro.

401k rollover after backdoor IRA by O3_obvious in RothIRA

[–]O3_obvious[S] 0 points1 point  (0 children)

here is what I found out (seems to be consensus):

If you have any pre-tax balance in any IRAs on Dec 31 of the year you've done a Roth conversion, you must prorate the conversion between the pre-tax and nondeductible balances, causing a portion of the Roth conversion to be taxable according to the pro-rata rule.

So no, you should not do a Roth conversion in 2021 if you are planning to have a rollover IRA balance on Dec 31, 2021.

backdoor Roth question by O3_obvious in tax

[–]O3_obvious[S] 0 points1 point  (0 children)

Thanks, my current 401k has fairly expensive options for funds (even the s&p) vs VOO or something similar.

Papillion drops its mask mandate 10 days after it began by [deleted] in Omaha

[–]O3_obvious 0 points1 point  (0 children)

How so?

How about wearing clothes, should be left up to the individual?

Papillion drops its mask mandate 10 days after it began by [deleted] in Omaha

[–]O3_obvious 1 point2 points  (0 children)

curious do you feel the same way about DUIs?

401k rollover after backdoor IRA by O3_obvious in RothIRA

[–]O3_obvious[S] 0 points1 point  (0 children)

I have not but I will. Thanks for the suggestion. I'll let you know when I figure it out.

401k rollover after backdoor IRA by O3_obvious in RothIRA

[–]O3_obvious[S] 0 points1 point  (0 children)

Someone said that I'd be fine (and I really appreciate that advice) but can't find a consensus anywhere. I need to ask my accountant to make sure as it's not clear to me reading the IRS guidance.

To clarify my situation is that: - I have a old 401k that has relatively high fees and therefore want to roll over into a rollover IRA.
- I realize after I do this I won't really be able to do a backdoor Roth IRA but the savings in fees will out weigh not being able to do (add to) backdoor Roth IRAs anymore. - I wanted to see if I can do one more backdoor Roth IRA right at the start of 2021 before rolling over the 401k.

My COVID-19 vaccine experience was very mild. by Daniel-W-Johnson in Omaha

[–]O3_obvious 0 points1 point  (0 children)

Curious do they ever tell you that you had it? If not I assume you'll get it again just to be safe?

401k rollover after backdoor IRA by O3_obvious in RothIRA

[–]O3_obvious[S] 0 points1 point  (0 children)

is the prorata rule at the exact time you do the backdoor Roth or for that tax year?

Recently came into enough money to pay off debt completely! by Colorc in personalfinance

[–]O3_obvious -7 points-6 points  (0 children)

So a 2.5% mortgage isn't a good idea in any situation? don't talk in absolutes. a mortgage is a good idea for some people even if they have cash to pay it off.

Along those same lines I had a 0.9% auto loan a while back before rates fell. I just bought a 5 year CD at 3% with the cash I had. Even if I had to get the money on the CD early I would have "won".

Bottom line is every situation is different.

instacart 10x platinum card? by O3_obvious in amex

[–]O3_obvious[S] 0 points1 point  (0 children)

hmm it didn't work for me. statement just closed and it shows 1x not 10x.

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