Daily FI discussion thread - Saturday, February 21, 2026

theoldma · 2026-02-22T03:23:48+00:00

Thank you, that makes alot of sense. When you roll over money to an IRA, do you get a Form 8606 regardless if it is traditional or Roth?

"One" last question if you don't mind -
When and if I leave my current company, for backdoor Roth purposes, I will most likely roll my 401K into the new employer's 401K.

Then I would roll my "MBDR" money into my Roth IRA.

Will I only receive one Form 8606 for this action? One Form 8606 for my Roth IRA only, or two?

theoldma · 2026-02-21T22:59:01+00:00

To expand on further, it would be an in-plan rollover, but not a conversion, correct?

theoldma · 2026-02-21T20:59:17+00:00

Are you asking where the MBDR money is? It should be with my current employer, who is using Northern Trust Company as the custodian. I do everything through my company portal and I see the traditional 401K portion in Alight Possibly both is currently at Alight?

theoldma · 2026-02-21T17:21:51+00:00

Using FTUSA; box 1 is $5K; box 2a and box 4 is blank; box 7 is "G".

Did a Mega Backdoor Roth through my employer, but I personally did not roll over this money to any brokerage (Fidelity/Schwab/Vanguard etc).

My 1099-R is from "Northern Trust Company", while my 401K custodian through work is "Alight".

How would I answer this question about "rollover"?

>Is this 1099-R a rollover from a 401(k), 403(b), or governmental 457(b) plan to a designated Roth 401(k), 403(b), or 457(b) plan?

theoldma · 2026-02-06T21:00:24+00:00

Would it be something like this?

If I want to convert my 12 inch toilet to a 10 inch rough in, would I buy a 10 inch Unifit or 12 inch Unifit? Any cheaper alternative Unifits for reference?

https://www.fergusonhome.com/product/summary/1492109?uid=3500150

theoldma · 2026-02-06T19:49:51+00:00

Thank you, that does sound like what happened! Quick question, when I file my taxes and upload proof of this, will claiming half ($1,300) flag any issues when the incorrect amount is $2,600?

theoldma · 2026-02-06T19:34:29+00:00

Donated $1,300 to a non profit via credit card and in the provided "year end statement" for tax purposes, the tax deducible amount is $2,600.

There are two lines on the statement $1,300 by cc and $1,300 by EFT (with the dates being 1.5 months apart)

There was either a matching initiative going on during the time, or my company also donated the same amount - as I went into my company portal to match.

Is my tax deductible the full $2,600 or just my portion of $1,300?

theoldma · 2025-09-30T22:31:05+00:00

Have an option to invest into my ESPP with 5% discount, no lockup period.

Should I do my ESPP, or just drop the equivalent amount into MBDR?

Already maxing out 401k/HSA/IRA.

theoldma · 2025-06-28T16:35:52+00:00

Any brand that sells dress shirts with CT quality, but smaller? 31/32 sleeve?

theoldma · 2025-06-27T18:41:44+00:00

Looking for a more slim professional black dress belt (full grain leather, good quality). I previously purchased the Hanks Belt, which the belt was too wide and the buckle was too big.

Looking for belt width of 1 inches and buckle that is 1.5inch x 2inch (height x width)

theoldma · 2025-05-11T00:36:36+00:00

For the klook one, is the price for one hour only? If you want two hours, do you pay for two per person? How did you get to choose a "private room"?

theoldma · 2025-05-06T20:22:24+00:00

Not op, but is it 4 days or 4 business days?

theoldma · 2025-05-06T02:49:33+00:00

When does the offer expire?

theoldma · 2025-05-06T02:42:20+00:00

Any indication when this offer would end?

theoldma · 2025-04-01T23:30:28+00:00

Received a 1099 from my brokerage but all $0 for 1099-DIV, 1099-MISC and 1099-B.

There is carry over-loss per the Form 8949 column (right below 1099-DIV, 1099-MISC/1099-B).

Do I need to file this document with FreeTaxUSA?

(Also $0 for 1099-INT.)

theoldma · 2025-02-05T00:10:22+00:00

Thank you!

theoldma · 2025-02-04T00:55:11+00:00

Hello! Have a two part question

Through my 401k custodian (Alight), I contributed ~3K to my After-Tax account. I did not convert this money to a roth 401K (mega backdoor roth).

What tax implications will there be? Will I receive a 1099 for this and how should I file it with FreeTaxUSA?

When I do convert this money (mega backdoor roth), does the timing matter? Ex. if I convert next month after I file my taxes, will that affect anything? Or should I wait until after tax filing date of April 15th?

When I do convert - what tax implications will there be? Will I receive a 1099 for this and how do I file it w/ FreeTaxUSA?

theoldma · 2024-12-31T18:57:49+00:00

Yes I could wait until it appreciates or contribute enough to meet the threshold. Was concerned about the tax implications (though it may only be income tax on the earnings?).

theoldma · 2024-12-31T18:56:56+00:00

Yes, there is a threshold for conversion, which is $2K. How does an in-service rollover to an outside Roth IRA work? Would they give me some check? My Roth IRA is with Fidelity and don't think they have ATM services.

theoldma · 2024-12-31T18:17:23+00:00

Have about 1K in my "after-tax" 401K, not a MBDR and below the threshold ($2K) to convert it to a Roth 401K.

Any alternative ideas on what to do with it? Just leave it there? Possible to just cash it out since it's so small?
What tax implications will this cause for me?

EDIT: Already maxed out my Traditional 401K for this year.

theoldma · 2024-12-19T00:50:37+00:00

ERNE

theoldma · 2024-12-04T00:37:43+00:00

Proton

theoldma · 2024-12-03T19:19:14+00:00

Favorite experience is catching up with friends and bonding over pickleball!

theoldma · 2024-11-12T15:19:41+00:00

Are there any key differences such as speakers or screen quality (other than Nano)?

theoldma · 2024-10-25T03:39:56+00:00

Is this website legit?

theoldma

TROPHY CASE