Questions tagged [roth-ira]

To be used for questions related to Retirement Tax saving scheme Roth IRA as applicable in the United States

22 questions with no upvoted or accepted answers
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13
votes
0answers
682 views

What are the appropriate forms to file when using a mega-backdoor?

For the backdoor (IRA -> Roth IRA, generally up to $5500 per year) conversion, we need to file Form 8606. Are there any equivalent forms that must be filed for mega-backdoor (After-tax 401k -> Roth ...
8
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3answers
1k views

Mega Backdoor Roth: Withdrawal consequences for in-plan vs out-of-plan conversion

My employer allows after-tax 401k contributions, and has an option for automatic quarterly after-tax 401k -> Roth 401k in-plan conversions. The other option for executing the mega backdoor Roth is to ...
4
votes
0answers
165 views

Questions on retirement saving plans for non-resident aliens

I am a German citizen that started working as a postdoctoral researcher at a University in the U.S., being on a J1 visa. Part of my benefits package includes an employer match that I can make use of ...
3
votes
0answers
96 views

Withdrawing from after tax 401k rollovers to Roth IRA

I have after tax contribution. I have setup Roth in plan conversation. If I rollover that money to a Roth IRA, which I can do since it is after-tax money. Do I have to wait for 5 years to withdraw my ...
3
votes
0answers
105 views

Tax status decision

I left the USA for India on 1/31/2019. I was present in the USA in 2018 but for 15 days, and for the whole of 2017, and in 2016 except for 15 days. Will I be classified as a resident alien, non-...
3
votes
0answers
150 views

Should a Canadian working in the USA, invest in a 401k, Roth IRA, Traditional IRA, and/or RRSP?

I have a cousin who is a Canadian citizen working in the USA, asking me about the Canadian RRSP. However being an American I am more familiar with 401k, Roth IRA, and Traditional IRA. 1) From ...
3
votes
0answers
120 views

How can you leverage the benefits of an older spouse's retirement account?

Can a marriage with a large age gap and a young high-earning spouse benefit from, for example, a Roth IRA? Let's say Jack and Jill are married. Jill is 50 and makes $25,000/year while Jack is 25 and ...
3
votes
1answer
216 views

Excess Roth IRA contributions and taxes

My wife and I contributed the maximum for our age ($11,000 combined) to a Roth IRA for the 2015 tax year. It turns out we unexpectedly made too much money to be eligible at all. I shouldn't have ...
3
votes
0answers
92 views

How can I purchase new assets for my Roth IRA while residing in Canada?

I'm a US citizen and currently reside and study in Canada. My Roth IRA is currently at Vanguard (in the US). While I reside in Canada, they do not allow me to purchase new assets with the funds that ...
2
votes
1answer
43 views

Indian taxation on after-tax retirement accounts such as Roth

How does India tax US after-tax retirement accounts such as the Roth IRA for a person who is a US non-resident for tax purposes starting age 59.5?
2
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0answers
57 views

U.S. Amending Tax - Should a 1040x be made if I forgot to include 1099-r but there is no difference in taxable income?

I was notified last year when I went to the tax office that I didn't include a 1099-r early distribution. This is the distribution in question: I am confused because the TurboTax UI shows my ...
1
vote
0answers
39 views

From unemployed to self-employed/freelancer, how is my 401K & IRA setup?

Recently lost my job and decided to try out the freelancer route. I am in my early 40s and I expect to make about $150k before tax. I have a few questions about setting up a my 401k and IRA. Already ...
1
vote
0answers
14 views

ROTH IRA eligibility for US Citizens working abroad and claiming FEIE (foreign earned income exclusion)

I've been working overseas for the past few years for a US company and claiming FEIE. My annual salary is roughly 200k, which is over the income eligibility requirements for a ROTH IRA. As a work ...
1
vote
3answers
113 views

Advice: Diversify my retirement investments with a Roth IRA

I am new to investing, and also late to the game (34 yrs old), so I'm trying to make the most financially intelligent decisions I can. I'm starting a Roth IRA at the moment, and funding it with this ...
1
vote
0answers
46 views

Excess Roth IRA Contribution - How to Capture Earned Interest No 1099 r?

I contributed over the limit to my Roth IRA in 2018. I realized this and have withdrawn the excess contribution plus earnings in 2019, and have not yet filed my 2018 tax return. My Financial advisor ...
1
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0answers
392 views

Is it worth contributing to a Canadian TFSA from the USA?

I am a Canadian citizen studying for a PhD in the USA. From the CRA's point of view, I'm a Canadian resident; from the IRS's point of view, I'm a non-resident alien. My investment goal is long-term ...
1
vote
0answers
32 views

What are the tax implications of transfer fees while rolling over Roth IRA held in CD?

I have some money in a CD that's in a Roth IRA account. I'd like to transfer it out of that account and into another one, as part of a roll over. The CD is not at maturity, so I will need to pay a ...
1
vote
0answers
84 views

Undo IRA conversion to an existing Roth IRA?

I have two retirement accounts at the same brokerage. One is a traditional IRA that was rolled over from a past company 401k plan, the second is a Roth IRA that I contribute to with taxable income. I ...
0
votes
0answers
25 views

How to report returned Roth IRA contributions and earnings in H&R Block software

I'm using H&R Block software for my 2019 taxes. I am over 60 and was successfully able to withdraw my 2019 Roth IRA contributions. (My MAGI is too high.) The tax software indicates I will need to ...
0
votes
0answers
14 views

Roth IRA excess contribution: applying excess to future year, how much less to contribute then?

2018: I had an excess contribution = $X to my Roth IRA. The excess contribution was made in 2018, not between January and April in 2019. I'm younger than the Roth IRA withdrawal age. 2019: I am ...
0
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0answers
97 views

What are the pros and cons of having a higher taxable income during retirement?

I am listing the pros and cons of pre-tax 401(k)/IRA (a.k.a. traditional 401(k)/IRA) vs. Roth 401(k)/IRA, in addition to what I read on choose Roth 401(k), or traditional 401(k). One of the ...
-1
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1answer
271 views

Swing Trading Roth IRA & SEC's Reg T+2 amendment?

Few resources state that swing trading Roth IRA account would be difficult due to SEC's Reg T+3 which per SEC Website is now Reg T+2 effective Sept. 5, 2017. Even prior to SEC's amendment, my ...