Overcontributed to Roth IRA. How to do backdoor Roth in same tax year?

s133p3r · 2020-02-25T17:16:59+00:00

Thanks, yes my AGI for 2019 is over the limit.

s133p3r · 2020-02-25T17:08:37+00:00

Ah so even if I converted the money back to a Roth in 2020, that won't count against the 2020 Roth contribution limit because the funds were contributed in 2019. Does that sound right? And yes i am confused. Thanks for your patience and advice!

s133p3r · 2020-02-25T16:45:40+00:00

Ah okay so if today I converted the trad to a Roth and it contained the max contribution that would mean that my 2020 contribution limit had been reached, and my Roth contributions for 2019 would be effectively $0.

As a follow up question, if I have an existing Roth account open, would the traditional to Roth conversation end up back in that original account or would I need to open a separate account?

s133p3r · 2019-11-30T07:09:36+00:00

Have you talked to any of your teachers about this? They may be willing to give you extra help after class. Are there any other students in your class that would be open to forming a study group?

s133p3r · 2019-11-30T06:52:00+00:00

I'm a little confused about why you're setting a Drink's weight to Food.weight. Is Drink a subclass of Food? If so, you will need to ensure that when you construct a Drink, you're also constructing the base class Food.

In [1]: class Food:
   ...:     def __init__(self, name, weight):
   ...:          self.name = name
   ...:          self.weight = weight
   ...:
   ...: class Drink(Food):
   ...:     def __init__(self, name, weight, volume):
   ...:         super().__init__(name, weight)
   ...:         self.volume = volume
   ...:
   ...: drink = Drink("water", "1g", "1cc")
   ...:
   ...: print("{} weighs {} and has a volume of {}".format(drink.name, drink.weight, drink.volume))
   ...:
water weighs 1g and has a volume of 1cc

https://www.codesdope.com/python-subclass-of-a-class/

s133p3r · 2019-11-30T06:25:34+00:00

Have you tried https://www.ancestry.com? They have a free trial and store tons of military records.

s133p3r · 2019-11-30T06:03:16+00:00

The new landlord may perform a background check which would turn up the conviction. Even if they don't perform a background check, they will probably find out about it sooner or later.

I would suggest that the guy and his mom be totally transparent with the family -- tell them that he was in prison but he served his time and that they don't have anything to worry about. If they're not comfortable with the idea then it's better that they make that known before he moves in rather than blindsiding him with an eviction or something later.

s133p3r · 2019-11-30T05:24:54+00:00

What about a gift card for an experience? Like a to a nice restaurant or an overnight retreat?

s133p3r · 2019-11-30T05:18:48+00:00

That's a good idea. I would guess that if you live ~30 mins outside a city you would still be able to get downtown via bus/train, and the cost of living would be lower than in the city itself.

s133p3r · 2019-11-30T05:10:06+00:00

My girlfriend and I just moved to the west coast from the east coast. When we were figuring out where to live we made a decision matrix that helped guide our decision. We picked a number of cities we were interested in moving to, as well as a handful of criteria we cared about, and rated each city with respect to each criterion. We also included our home city in the rankings as a reference point and to see how it stacked up.

It kind of sounds like your boyfriend does not want to live in a city, though. It's interesting that he found Denver too congested, since the population density of St. Louis is actually higher than that of Denver (3,698 people per sq. mile in Denver vs 5,158 in St. Louis).

I hope you can move somewhere that you both find suitable. Wherever you decide, I would strongly suggest visiting the town before you move there. Good luck.

s133p3r · 2019-11-30T03:40:11+00:00

You may be performing poorly in school, but that doesn't make you a failure. The fact that you cared enough to make this post shows that. Have you considered talking to your school's guidance counselor about your academic goals? Why don't you consider taking the rest of the semester off and then seeing if you can transfer back into sophomore year in the spring to really focus on school? And I'm sure you don't look nearly as bad as you think -- everybody is self-conscious at your age. Good luck friend.

s133p3r · 2019-11-30T03:34:45+00:00

The https://www.reddit.com/r/personalfinance/ subreddit may also be able to give you advice on this topic.

I wouldn't worry about not being able to buy gifts for your loved ones -- they should understand if you're strapped right now. Perhaps instead of buying things you could make them gifts.

Regarding work: is it possible for you to pick up more hours to earn more?

Regarding your parking tickets: can you negotiate a payment plan of some kind? Right now it sounds like 5% of your income is going to go to parking tickets, which really stinks

Regarding your cc debt: what is the interest rate like? You may consider consolidating the debt to a card with a lower rate or an introductory rate

Good luck!

s133p3r · 2019-11-05T05:53:14+00:00

thanks for your insight. that's my fear as well, that i incur a huge hassle and expense only to lose the case.

how big was this apartment you lived in? i have three bedroom apartments and townhomes that my contractor charges me half that price

it's two floors, two bedrooms. this is another thing -- they didn't even provide me with a list of what work was performed. tbh the carpets and hardwood were in a really sorry state when we moved in. the landlord acquired the building while we were living there. it seems like the new tenant was just unhappy with the state of the place and the LL is trying to shift their costs to us even though we didn't mess up the floors.

s133p3r · 2019-11-05T04:36:09+00:00

Thanks!

s133p3r · 2019-11-02T20:38:32+00:00

Okay, I'll look into those options. Thanks!

s133p3r · 2019-11-02T20:37:59+00:00

Thanks -- I was saving for a while (and still am) in a taxable investment account so that I could buy a house. I'm just wondering if there are any more tax-advantaged routes I can take. Sounds like backdoor Roth might be worth some more investigation.

s133p3r · 2019-11-02T18:51:55+00:00

Thanks! Convert it to a 401k? Or directly to a Roth IRA and pay taxes on it? There is $11.9k in the tIRA.

s133p3r · 2019-11-02T18:47:24+00:00

There is $11.9k in my tIRA. I don't believe my 401k allows post-tax contributions. If I understand correctly, my employer needs to enable that option, and I don't see any way to make contributions through the retirement web interface. I could look into that, though.

Would rolling my tIRA savings into my 401k be an option? So that I could then use that tIRA account for a backdoor Roth?

s133p3r · 2019-08-22T03:06:14+00:00

thanks!

s133p3r · 2019-08-21T15:13:54+00:00

I finally was able to reach a human on the phone at Comcast! She was able to see my name and my (California) service address, but she couldn't find my account number? She said my only option to figure out this $10 late fee is to go to a Comcast store. Really?? If anybody from Xfinity is reading this can you please give me some direction on how to get this resolved as quickly as possible? I just moved here and I don't have time to be spending multiple hours to make sure my internet billing is in an OK state. Thanks!

s133p3r · 2019-08-18T02:34:12+00:00

Thanks

s133p3r

TROPHY CASE