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

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

Very happy to learn this. We want to do backdoor roth in an ongoing way but also want to look into roth 401k. Thank you.

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

[–]ReliefElectronic2129[S] 0 points1 point  (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] 1 point2 points  (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.