I did a backdoor conversion on about $5000 dollars. I just received a 1099-R form showing $5000 as taxable income. Did I do something wrong? I thought only gains were taxed?

Posting as :
works at
You are currently posting as works at

As long as you also add the contribution as a rollforward, it will offset and no issue.

like

I have an appt with am accountant, but I won't be doing my taxes for another month or so.

like

So far you did it all right. Now your accountant needs to enter it correctly so you don't get double taxed.

like

I saw and thought the same thing today. Read this and see if it clear it up for you. https://www.google.com/amp/s/ttlc.intuit.com/community/retirement/discussion/1099-r-and-roth-conversions/00/40094/amp

like

Thanks!

You should get a 5498 from the new custodian of your rollover

like

Thanks so much everyone! I would have been worried about this for weeks! I have both IRA accounts with the same company but only got the one form and panicked. I did go back to an earlier statement that confirms the "conversion" (I had another panic session thinking maybe it was reported as taxable because they had recharacterized it instead). I'll wait to see if any other forms are shared, and make sure to provide my accountant with whatever forms necessary.

As you can tell, this is my year doing this. Once I'm comfortable with the process I'll be ready for my 2020 contributions.

like

More Posts

I think it's the one in New York

like

I tried this on today. It’s 45 mm. Is it too big for my wrist?

Post Photo
like

Besides Desmos, what is your favorite website that you use in your classes?
Mine would have to be kahoot. I just started using it this year and I love it.

like

Hi guys,

Can anyone refer me for Amazon's Software Development Engineer Graduate role? (Uk/London)

Happy to have a chat before referring me :))

like

Deloitte 🐠 - How do your ranks work in Advsiory? I’ve heard Associate (grad) > Consultant > Sn. Consultant > Manager > Sn. Manager ...then I don’t have a clue. Can someone please help me out? Thanks!

like

Hello All,

When is the salary credited in Maersk and how is the job security?

Thanks for your reply in advance!

like

What is the starting salary for a Assistant Food and Beverage Manager - Waldorf Astoria Washington DC

like

How long did it take you to lose interest in your job?

like
like

McKinsey & Company Happy to help with a referral to McKinsey & Company since I see a lot of people interested in MBB referrals. Feel free to DM

likeuplifting

Anyone knowledgeable about the D.C. RE market and want to chat about the local market and how to get started with investing?

Anyone looking for reference in Cognizant.
Please share your resumes with role, location and experience to
Arjun.muralidhar@cognizant.com

Skills: Angular JS, React, Angular, NodeJS, UX Design, UX researcher, Lead , Technical mentor, Technical Trainer, Technical writer, Campaign manager, Veeva, Drupal, Alfresco, Android, Documentum, Aprimo, AEM, WCS, ATG

Post Photo
like

Hi all - I have a BYO alcohol venue and trying to figure out how much alcohol would cost for 200 guests. My wedding planner said it would be aroun $3600 (just for alc) but that felt high to me? Any thoughts?

like

I have 3 years of Experience working as a fullstack developer using .NET Core, Angular, React, and Postgres.

I have also done certifications in Machine learning using Python and Tensorflow, but I am unable to land an interview with Microsoft, even if my profile matches the job description.

Any nudge in the right direction would be appreciated.

Thanks.

like

Does anyone here work for Amazon Care or Care Medical? What is your position? Do you like it? What is the pay range for your position (if you don’t mind sharing)?

like

Deloitte starting as an intern soon at GES department, any tips?

like
like

Girl Scouts has brought me to my last interview stage for Community Engagement Manger. What should I ask for? I have over 5 years of experience and I am also a military veteran and served 7 years.

like

Which SPG 50 night benefit should I choose? 10 suite nights or one night free award?

like

Hey Coaches! I’m Alyssa, and I’m one of the Community Leaders here at Fishbowl. I’ve been in the classroom for 10 years and a classroom coach for 6 (mainly elementary/Pre-K). Excited to be here!

likeuplifting

Additional Posts in Personal Investment Chatter

Any good resources (books, websites etc) to get started on investments and understanding investments for someone who knows nothing about it? TIA!

like

Anyone have a financial advisor you’d recommend?

like

What should I do with ~$20k that’s sitting in a savings account earning basically nothing? I’ve already maxed out my IRA contributions for the year, am not eligible for an HSA, and have a separate emergency savings account. Goal is to grow net worth.
Would really appreciate any advice—thank you so much in advance!

like

Which HYSA has the best mobile experience?

like

Anyone here using T-Mobile Money as a savings account? 4% apr for the 1st 3k and 1% for all monies after. That is more than my current high yield savings.

like

Adding money monthly, in the long run, wealthfront or s&p 500 ETF?

like

Is the limit for Backdoor Roth conversion $6K or $6.5K For this year?

like

Is there a good book to teach kids, teens and even college students about personal finance or should i write one?!

likeuplifting

For the past two months, I’ve accidentally contributed 80% of my net pay towards 401K. Is there a way to withdraw from 401K without attracting any penalties

likefunny

Best provider for good rates on used car loan?

like

I want to invest in a company that has lost the most relative to others in the hope of getting the most return. Any suggestions?

funny

I had rented my condo to an unpleasant “condo maintenance company” as my tenant. Had to end the lease prematurely, a lot of trouble. Now I am deducting about $500 from their deposit of $2150, and he is threatening me that “his attorney will be moving forward and pursue every legal right he has as a tenant enforcing the RLTO”.. am I at wrong here? Anyone knows RLTO?

like

Considering opening a bank account in Switzerland and move my savings there .. pros and cons ? If you have done this , was it an easy process ?

like

Anyone think market hit the bottom?

funnylike

When did you buy your first property/What was your mortgage amount? Really interested in starting a real estate portfolio and building a rent roll

like

Treasury notes- if you well before maturity, do you get interest for the time period you held the treasury notes? (Unlike treasury bills)

like

Making 90k and want to max out retirement. Does Roth 401k in addition to Roth IRA make the most sense? Or should I do traditional 401k?

like

If I already filed my 2019 taxes, can I still contribute to a 2019 Roth IRA? I know the deadline is July 15th but I wasn’t sure if filing taxes beforehand would affect my eligibility.

like

Hi! Not sure if this is the right bowl but if I put $3,050 into my fsa for next year and use $1,000 of it in January, but leave that job for a new job in February does my fsa allowance at the new job reset to $3,050, go to $2,050, or go to $3,050 minus what I actually paid from my biweekly paychecks? Thank you.

likehelpful

How much tax can you deduct from the hoa and property tax you pay for your home? What about it when the new tax laws are in effect?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal