Showing posts with label Roth IRA. Show all posts
Showing posts with label Roth IRA. Show all posts

February 23, 2014

NerdWallet: Roth IRA Contribution

I made a non-deductible "Backdoor" Roth IRA Contribution (to get around income limits), and my taxes went up in TaxAct when filing taxes.

I am using a 1099-R that I received with a Gross distribution (box 1) and Taxable amount (box 2) in agreement, plus 2b checked (taxable amount not determined). Distribution code is showing "02 - "Early distribution, exception applies (under age 59.5)". Is the key here that this distribution code was messed up by the provider of the 1099-R (Vanguard), in which case it should be a "G - Direct rollover of a distribution ... to a qualified plan" ?

December 23, 2013

NerdWallet: Traditional IRA

If I'm around the limit for a Roth IRA (110k single I believe), should I open a traditional IRA as well? I'm starting to max my 401k and want to open an IRA as well and start maxing it.