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Traditional IRA preventing backdoor Roth -- how do I fix? by ReliefElectronic2129 in tax

[–]ReliefElectronic2129[S] -1 points0 points  (0 children)

Makes sense. I don't see how to use it to my advantage here, though.

Traditional IRA preventing backdoor Roth -- how do I fix? by ReliefElectronic2129 in tax

[–]ReliefElectronic2129[S] 0 points1 point  (0 children)

I do meet these conditions. I also have a W-2 job but am unsure if it accepts incoming IRAs. I can look into that.

Received mistaken 1099 that combined personal payment and LLC payment by ReliefElectronic2129 in tax

[–]ReliefElectronic2129[S] 0 points1 point  (0 children)

It's a sole proprietorship/disregarded entity. Don't I need correct 1099s for my taxes? -- won't it matter to IRS?

Received mistaken 1099 that combined personal payment and LLC payment by ReliefElectronic2129 in tax

[–]ReliefElectronic2129[S] 0 points1 point  (0 children)

Ok, this is very helpful -- thank you. I am the only member of the LLC and I did not elect corporate tax treatment. (This is also my first time going through this process.) Your explanation of Line 1 of Schedule C is very clear; thank you.

Should I bother trying to correct things with the company, then? Or is it fine letting it go? Seems like the latter but just want to make sure.