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Retirement tax questions
Ok, fair enough. Only thought the other person might also benefit by moving the money back to trad'l IRA. To avoid the high taxable event. I did have the same thing, with back door contributions and Turbo calculating a huge tax on the money. This year we had to move my husbands 401k into a trad'l IRA. Doing so created a market value as of Dec. 31, 2017 in that account. Therefore, no longer allowing back door Roth conversions and taxing it over $1,500. We had done that contribution and conversion to Roth before we realized we would have to move the 401k. Now we are moving it back to traditional account, so I will mark it as recharacterized. Thanks.
‎June 1, 2019
8:52 AM