If I’m right on the cusp of hitting the contribution reductions for a Roth IRA for 2021 (will potentially have a greater than $125k AGI depending on bonus amount, but likely won’t exceed $130k), what should I do? I can fully find the $6k right now to a Roth, fund like $5k and then wait until June when I find out my bonus amount to decide what to do with the rest, or should I just do an IRA->Roth conversion just to be safe?

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

If you have no current traditional Ira balances, just fully fund a traditional Ira and immediately convert to Roth

likehelpful

That’s what I was thinking. I already have an empty IRA with Fidelity (where my Roth is) that I has opened as a hedge against this case. I’ll just do that then just to be on the safe side.

I had the same situation for the past couple of years. The first year I calculated Roth vs Backdoor and split my contributions. After that, realized contributing 100% to trad then immediately converting to Roth is much easier

like

In the same boat. I do traditional and then convert to play it safe

Backdoor only works tax free if you have no traditional Ira balances

Related Posts

Hello sharks.

What will be the equivalent salary in India if getting $80k in Canada??

like

Hello Fisher,

Please suggest with is good.

IBM - 24.6 LPA
TCS - 23 LPA(Including yearly bonus)
Genpact - 26 fix + 2.6 Variable pay (total - 28.6 LPA)

like

Edward Jones advisor with 30 million AUM and roughly 250k gross production. Been there for almost 4 years. Got an offer at Merrill Lynch to take over a 100 million dollar retirement transition plan in 5 years, or to join a 5 person Merrill Lynch team that manages a lot.

Pros to EJ: Have my own office, a year or two away from partnership, great office setting and client satisfaction.

Pros to Merrill: Bump in compensation, additional tools and services w banking, ability to take over assets.

like

Deloitte recruiter just reached out to me and said they may need to do further “compensation analysis” and that they may reach out to me with a better offer after rejecting my counter offer last week. Anyone know what this is about?

like

Wondering what a Director of Operations salary range is, in healthcare, in the Dallas area? Thank!

like

How much do you keep in the bank vs brokerage?

like

My fiancé and I invested in a small startup about five years ago and are about to get a $300,000 pay out (after taxes). What would you do with an extra $300k? (We have no debt, have sufficient savings and own a home already so the basics are covered.)

like

Can someone give insight on the salary range for a mid-level associate at Jackson Lewis and Littler in Atlanta?

like

What is a fair salary/hourly for a kitchen manager in Tampa FL? Small kitchen with 3 to 4 kitchen assistants. Kitchen is open 50 hours a week. Manager has full creative license and has no one above them in the chain of command outside of owners.

Hi how much will be in hand salary for this ctc @LTI Larsen & Toubro Infotech

Post Photo
like

I moved from NY to CA about halfway through 2020. Do I have to claim half the year in CA in my taxes? It’s a temporary move so hoping I don’t have to (but my drivers license and mailing address are now CA). Any advice is appreciated!

like

Mid-level associate at a mid-size regional insurance defense firm practicing coverage litigation. Salary is capped b/c my firm only does I.D./coverage and has no direct-hire comm clients. Second round of interviews with a comm lit boutique where I would be the only associate with 5 partners. Other than partner track, salary/benefits, and switching from coverage to general comm lit, what qualities of the move should I be thinking about as I weigh my options? I've never worked at another firm.

like

Besides salary, how to pick between job offers?

like

Curious what the salary level is for a Sr. Manager at Digital Finance team. Not sure what L4 or L5 is but I see job posted at Sr. Mgr level.

like

What are your thoughts on Tesla stock ? Do you think it will reverse next year ? The company is in very good shape , it is getting smashed because of the twitter drama alongside high interest rate but i think it is very cheap stock today when i think about future prospects

likeuplifting

CORPDEV professionals - I’d like to do a quick salary survey here if y’all don’t mind as I haven’t found a good place to benchmark salaries. Can you all share your YoE, total comp (base + bonus + equity / stock options), location, and size of company. I’ll go first - 10 YOE, 180K + 20% + $250K in options, Atlanta, and PE backed $100M company. TIA!

like

Does Accenture IN provided anything in Diwali as a gift or party or bonus ?

funny

Hi y’all! Was curious: what % of base salary is a typical signing bonus like for Account Executives? Trying to discern my offer. I have six years in Sales within a banking context, but this is a role in SaaS working with small businesses.

like

Can anyone having any idea what will be the CTC range of mindtree for C4 grade with 9.4 YOE. And how much joining bonus can be claimed?

like

PwC Toronto assurance: being offered a job as a transfer from the US. I’ll be transferring as a senior associate 1 (aka this is my promo year). I’ll be either tier 1 or 2 since I’m an easy promote here in New York. I was offered 61k CAD assuming I’m tier 3. They said they might adjust it if my rating comes in higher. What should I expect if I were either tier 1 or 2? Trying to minimize the salary reduction…

like

More Posts

I am an associate project manager at a top agency and know I am severely underpaid. But Can I get a range of what I should be paid?

like

McKinsey & Company Hi fishes, is Mckinsey Client Capability Network different from Mckinsey Digital? Also, what are the hierarchies such as analyst, senior analyst and all in CNN? McKinsey & Company

like

Joined Wipro on 27th October. It's been 15 days, no on from project has reached out to me nor any contact given, what is Wipro doing? Also is Wipro calling people to office?

like

Fish I need some help and advice. I fell off the wagon last weekend (sober two years and change with alc) and I cheated on my SO of three years. We live together and she has been by my side through

like

So my ex from 10 years ago called and apologized for being an ass. He spent over an hour going through details of our relationship and sincerely apologizing. We’re obviously much older now, but I’m just so cautious. He wants us to date again. Have y’all ever heard of something like this?

Can anyone offer advice around working with UAE government committees? How they make decisions, allocate budget and deliver? For example.. a multi-ministry committee set up to spearhead the digital agenda within government. Thanks in advance!

My company has grown from 50 to 200, and my impact as an HR leader needs to grow from IC activities (recruiter, hr ops person) to.....hr leader. Any tips on doing that (and doing it well?)

like

Hello, I’m current a Cyber Security Incident Responder but I’m a little unclear on what path to take in terms of certs/career path. What should I aim for? I current have a CompTia Security + cert and Splunk Enterprise Certified Admin. I’d also prefer the blue team or purple team.

like

Anyone in the suburbs find it harder to make friends compared to the city? I don’t want to move back but I don’t know what else to do..

like

Guesses for salary working at a luxury jewelry store and commission?

like

Today I was thinking about different sales experiences I’ve had–both as the buyer & the salesman. What was the best and/or worst sales experience you’ve ever had as a customer?

helpful

Recruiters are now pushing back at creatives 👻 them. Ca we all just get along and be professional?

Post Photo
funnylike

So this dude asked me late last night if I wanted to call him and said he needed someone to talk to while working late..told me to let him know if I had a guy over then he’ll talk to someone else. I didn’t have a guy over and not that kind of person so why assume that? It pisses me off.

funnylike

So i have been fortunate that i have managed to go through my career without the need for a degree. I was lucky enough to have been hired by one of the worlds top consulting firms, worked with a whole lot of big clients and travelled a lot. It's gotten to the point where I am not even asked about the lack of a degree on my resume. Personally though, it bothers me. I have a whole bunch of certifications in my industry…but just no formal degree. (cont'd)

like

It says on Bonvoy breakfast voucher that gratitude is included. Somehow they always expect additional cash tips?

Whats up with these rumors of six-figure associate bonuses at Skadden?

like

What is good salary expectations in Abu Dabi for IT employee? Company name @bespin global

like
like

Check your band for year 2020-21

funnylike

Additional Posts in Personal Investment Chatter

If 80% of my portfolio is in S&P 500 index funds, I'm assuming holding is a good call? I've held everything thus far. Just wanted some confirmation that I've got a good strategy.

like

Advice & resources? My spouse and I are starting to make good money (ages 28 & 31, $105k & $70k) with $10k in savings (we were hit hard financially this year) and 2 car payments.

We live in a cheap apartment ($1.3k) that is sh*tty. Don’t quite have a down payment (especially not in ATX). Is it dumb to rent a house for a year at $3k/month while we save up again?

We both didn’t come from $ and are figuring out how to not be idiots 🙃 tbh we would prefer to rent forever but that feels dumb???

When to sell at a loss?

I’m 26 and have a fair chunk of my NW tied to Cloudflare - a tech stock that I believe has the opportunity to 3x and become a $100b+ company over the long term. Similarly, I have a lot in cloud computing etf - WCLD.

Given short term rotation out of growth stocks, I’m confused on what to do. I think we still have some time before growth stocks bottom out, but do I sell?

I would consider myself a “long only” investor, but am unsure what to do given my lack of diversif

like

Should I be putting my $ somewhere else other than my bank account to save for a house?

like

Gl as a aor

like

Is there any website to get a template for decent/basic contracts (i.e. leases, purchase agreements, partnership agreements)? I want a base to start, without having to sign up for a free trial and then get hit with a bill when I forget to cancel...

like

I have a yearly income of 130k and will rent a 1Br/Studio in Manhattan from 2.4-3k by end of the year. I also have student loans of 28.5k which I intend to pay off in an year or so. Currently, putting in 4% for Roth per pay cycle and maximizing my HSA. I net a monthly income of close to 7k. I intend to save about 3k for the next 3 months in my Marcus Savings Acc and 1.5k from January (reducing it cos my rent doubles) How should I go about planning this and also have some emergency savings?

likefunny

Would you cash out refi a rental property to buy another rental property?

like

What's your target retirement savings? Target age? Combined or single?

like

If I have a six year old and 150k in a 529, can I say I’m done?

like

GME and AMC are not doing well today 😂

like

Reached theoretical financial freedom (4% of networth covers 120% of my yearly spending)
What should I do?
-Motivation to grind at BCG is not here anymore and honestly the experience here was underwhelming (~1y as a C, lateralled from other firm)
-Still too risky to open own lifestyle business
-Option to exit to industry for a few years at a 9-6 job?
-Option to do some side hustles?

Anything I should consider when making my decision? Any risks I haven't foreseen?

Thanks!

likeuplifting

How do you boost your credit score within a couple of weeks? Very small increase needed.

like

Is there a calculator that I can put in all my investments and see how it works out in 50 years? I know each brokerage has their own projection thing, but just wondering if there are any other tools where i could combine everything?

Does anyone here have experience investing with Masterworks (platform for investing in fine art)?

like

Recommendations for a Roth IRA?

like

Thoughts on pionex?

like

One of my friends is looking to invest $500, she’s new to stocks. $500 is something she just wanna invest and forget about it for a long time. Please suggest few stocks to invest. 👍

like

Can anyone recommend good investment options in Bank of America HSA account? I feel their funds are very limited compared to what I have seen from 401k and IRA. Anyone recommends your HSA account?

Wohooo if you kept it for 3 more days you could have made 35k !!!! Wohooo !!!

Post Photo
likefunny

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

Scan your QR code to download
Fishbowl app on your mobile

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