Recent content by SkinsFan0521

Ok, got it. Thank you!

But, when rolling over Roth 401k to Roth IRA, does it keep track of what was originally contributions into the Roth 401k vs what is gains in the Roth 401k? Or does it all get rolled over as contributions?

Thank you for the response. I guess a simpler way of asking the second part is: How are the contributions and the gains from the Roth 401k treated once they are rolled over into the Roth IRA?

Hi, I have a 401k account with an old employer that I never rolled over to my current employer. A portion of that 401k is in Roth 401k. Am I able to roll that Roth 401k money to a Roth IRA and the Traditional 401k money to the Traditional 401k of my current employer? Or does the rollover have...

Thanks for your reply, I appreciate it. The recharacterization can be done online. So, I actually filled out the form last night to recharacterize the excess from Roth IRA to (non-deductible) Traditional IRA for tax year 2018. Once that processes (supposed to be within 3 business days), I'll be...

Thanks for this. How about if I were to recharacterize the contribution from a Roth to a Traditional instead of withdrawing the excess? So, in my example, what if I recharacterized the $500 excess to a Traditional and then converted that traditional to Roth all for the 2018 tax year? Do I need...

Yes, I did some of this today... I created new Tira accounts for both of us. I couldn't take excess contributions directly from Roth to traditional IRA. I needed to transfer excess to brokerage (or eyf to bank). Then, I can transfer {in 3 business days) from brokerage to the new Tira. I'll then...

Thanks for your reply. Yes, I do most likely plan to withdraw contributions before 59.5, so I would like to keep the amount of tracking that I need to do for each one to be kept to a bit of a minimum if possible. Thanks again!

True, but my plan going forward is to estimate how much Roth I'll be allowed to make and make monthly contributions up to that amount. Then, do one lump sum at the end of the year for the difference into a Trad. IRA and then roll into the Roth. The only reason that I'm planning on doing it that...

No, neither of us have traditional IRAs at this point.

Hi, This is my first time needing to use this strategy and I only have a couple weeks left to figure it all out, so I'm looking for some advice. Based on 2018 income, my wife & I can each contribute to a Roth IRA, but not the full amount. Let's call it $5,000 each for what we're allowed to...

This. My wife & I are in our mid-30's and hoping to FIRE no later than 50. Maybe as early as 45. Our current travel budget is about 10% of our total spending and we go on 4-6 trips per year. Usually 2-4 of them being international. We spend a good amount of our money on travel. If we spent...

You'll definitely need some clarification from your HR dept, but if you're contributing to your After Tax 401k, that's different than Roth 401k. I believe that the HCE limits apply to Roth and Traditional 401k. So, I'm assuming what your HR dept meant is that you can still only contribute...

We use BenefitWallet (mybenefitwallet.com which is a part of savedaily.com). It's offered through megacorp, so I'm not sure if it's available for anybody to sign up. It requires $1k to be kept in cash reserve, but the rest can be invested. I believe the monthly fee is $3.50, but it gets paid for...

Agreed... I selected "other" because that was the best option. DW & I are both 34