I did backdoor Roth from traditional IRA to Roth IRA, and already purchased mutual fund with that contribution however, I don’t see the transferred amount from traditional to Roth IRA reflecting in my “contribution year to date” section, it’s been almost 2 weeks since my transfer.

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

Don’t think it will show up as contribution as it’s a rollover, which has nothing to do with annual contribution limits (There is no limit on the amount you can roll over) but best to confirm with your broker.

like

Contributions should only be counted for the traditional account. Counting both would be double counting.

Idk what broker you're using but fidelity has a contributions section that tracks it.

Post Photo
like

What broker are you using? With Fidelity, it’s smart enough to cross-reference your Traditional and Roth IRAs and determine what you contributed total.

If you are looking at the Roth, it may show zero because you made no contributions. If you are looking at traditional, it should show the contributions

So when I do my taxes next year, should I specify it as traditional or Roth IRA or is there any specific way to declare it was rollover?

Yes. Should have mentioned 8606. OP any decent software will prepare that for you. Would be a good idea to look at it to understand what is actually happening in your return

like

More Posts

First year...is it true JPM paid $35k middle bucket and doesn't pay second year bonuses for people who leave for PE?

like

Stroller recommendations? I shortlisted baby jogger city mini gt2 vs uppababy cruz, but don’t know which to go with.. any tips?

Hi fishes, What is minimum-maximum salary of Project Manager in LTI

Hi there. Any reference for salary range for Java AWS developer 7 years experience at Virtusa-Hyderabad?

like

Accenture People. How traceable is the CYOD iOS Device. It is listed for personal use. But Provider wise i dont know how traceable picture, chat and browsing history is through dns records.

likehelpful

Hi Fishes,
How to check which CIB I've been assigned to? i can see Business Unit as Corporate Sector.
Also please confirm which CIB is best in JPMC

like

Switching from Pharmacy tech to HR coordinator. I'm not sure what to say on my interview? Help?
Looking for a different career path

like

Advice on negotiating a scholarship offer with a R2 school after already enrolling to a R1 school with a full ride?

like

BCG fishes - how come the application deadline this yr is so early? And what does “considered on a rolling basis” mean? I followed up with my school’s recruiter a couple of times but haven’t heard back, so I defaulted to here. Additionally, if I failed miserably at my first round last year, what are the chances that this would hurt me getting a ft interview this season? Would networking help if I’m already at a target?

like

How do you start building confidence in your legal judgement? I’m a rising 5th year and, now that I’m running my own deals, I’m making a lot of decisions on my own. I was really hoping that after a few deals the anxiety would lessen…but it hasn’t. I’ve been told I’m doing a great job, but my billing has become inefficient…which I know stems from me quadruple checking everything. I honestly don’t know how to fix this - any recs?

like

Had a zoom call wearing a dress shirt. I stood up to get drink forgot i was wearing underwear 🤦🏻. Contd.

like

Hello ~
I need some help in terms of determining whether I should accept a SEO Senior analyst position with the responsibilities attached, my end goal next year is to work in Fintech as a Business intelligence analyst. I have 1.5 years of SEM experience with 65k salary, the role given is a higher salary but I am not sure if it’s the right path towards my goal and if the salary $10-20k higher is under the avg salary for that position, NYC. Thanks for any feedback or suggestions might be helpful.

Post Photo
like

Currently interviewing for a role and I noticed that the job posting has been taken down from the website and LinkedIn. Is this a bad sign/someone has already filled it?

like

A coworker is frequently putting in unpaid overtime and he’s making us look bad. Recent employee reviews reflected that. Am I right to feel annoyed at him?

like

Anyone working as a clinical data specialist in texas and willing to share their salary? I feel like I’m being underpaid for my role and want to bring it up to my boss but have had a hard time finding accurate numbers online. Thanks in advance!

Should I buy a property as soon as I have enough down payment and be able to support monthly payments?

like
like

Anyone provide a referral for Huron consulting at the entry level? In the healthcare or life sciences service line

like

This is about billing and “padding” hours. I was chatting with an associate at a different firm and complaining that I can never seem to hit target like everyone else. He told me that the only way...

like

Hey folks. What’s resources/materials do y’all use to read up on technology challenges facing Enterprises and IT organizations and solutions. So essentially, technical cases.

like

Additional Posts in Personal Investment Chatter

I just realized I’ll likely have a MAGI of over $124,000 this year and will have to reduce the amount I contribute to my Roth IRA. I don’t know exactly by how much and I’ve already contributed about $1,900 directly through my Roth IRA. Does anyone know if I can still do a backdoor Roth IRA for the remainder of the $6,000? Is there any way to avoid over-contributing to my Roth IRA by the amount I already put in there?

like

I have 5K leftover to invest after retirement accounts. Should I put it in individual stocks, index funds, crypto or a combination of all 3?

like

Noob question:
Is it redundant and unnecessary to invest in both VTI (Total Stock Market Index) and VOO (S&P 500 Index)?

like

Anyone have any experience angel investing?

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

Is it safe to invest in my Roth IRA? My firm has a lot of stock buying restrictions. I’m worried that as I get promoted, they will shut down more of my accounts or positions.

like

I have about 100k of my previous company stock , holding them for 3 years now. They did not grow much like other stocks and it’s risky to have this much amount in individual stock. If I sell them today I would have to pay about 20k in taxes. What’s the recommended way for selling? Should I sell Thai year or next year?

like

Just invested $20k in intel and clorox hoping it will go up.

likefunny

I have about 10k to invest. Should I just go all in on VTI or VOO?

like

Relocating to AZ. Neighborhood recommendation for a family with a kiddo please. First looked into Scottsdale but out of our price range. Need to commute to Phoenix. How is Peoria or Glendale? Safe?

like

I have a Rollover and SEP IRA alongside my current 401k.

My Roth account has the lowest balance because historically I've taken the tax deduction for pre tax contributions to the SEP and Rollover.

I understand if I contribute the money to Rollover and then backdoor to Roth, I will pay tax pro-rata based on the contribution percentage of total Rollover/SEP account balance (majority tax on funds that have grown).

Q: Can I open another traditional IRA solely for the purpose of the backdoor?

I make $110k a year and live pretty frugally, but will be moving to a luxury apt with my gf where we will be paying $1500 a month each. Is this a reasonable amount given my income? I feel bad every time I think about the rent

like

Would you rather have 50,000 in 401k (assuming taxes have been paid) or 50,000 cash?

like

Give me a quick primer on these I-bonds.. I’m seeing them everywhere. Right now 9.6% interest, which would be locked in for a year, then it would float. You can’t seek until that year duration but anytime after that? $10k limit per person

likefunny

Looking to invest $30k but only for a year before I want it liquid again. Any advice on what to do with it? Prefer safer options but want to make a little more than it sitting in savings

like

Don’t have a lot of money 💰, made some very bad choices (put all my money into stock market) and ended up with a $60k personal loan. I make $180k a year (gross base pay). Have $25k in savings but don’t want to pay debt because recession is looming around the corner. Tips please? Any of you came out stronger? How do I go about this?

likehelpful

Anyone here get paid bi-weekly but budget on a monthly basis? How do you account for the lack of cash flow until the month with the third paycheck hits?

like

Has anyone avoided getting a real estate agent to negotiate a lower price/credits worth the commission while buying a house? How did you go about managing the transaction?

How come DAL is falling so much, relative to other airlines.

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