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Looking for risk and compliance analyst job
Hi Sir/Ma'am,
2.1+ Years | Frontend Developer
LWD: 14th December 2022
I have 2+ years of work experience with Frontend technologies like Html/CSS/JS /ReactJS. If there any position for frontend/software development would be interested to join your organization. Looking forward to it.
Attached my resume:
http://surl.li/dpeql
Regards,
Sumitra
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You can only contribute 6k/yr to combined traditional and Roth. Once the funds are in traditional, you can transfer as much as you want. If you did 6k for last year and 6k for this and it’s all in traditional, you can convert all $12k.
If it’s non-deductible $ in traditional, and you filled out the 8606 form, it’s no tax to convert. If it’s deductible dollars, the conversion is treated as income in it’s entirety (principal plus growth) and would be taxed at your marginal rate at tax time. Taxes are determined based on calendar year of conversion, regardless of when the $ was deposited.
Hopefully if you do it properly the if any does not apply. But you are correct
Rising Star
Yes, you can only contribute $6000 to traditional so that is the limit. If you are only converting the $6000 you contributed that year to Roth IRA then there aren’t really any tax issues, but you cannot claim traditional IRA contributions on your return.
You can convert as much traditional to Roth as you want but can only contribute 6 or 7k per year depending on age to the traditional Ira. If you have an additional amount you are converting, make sure you understand the tax consequences
If you have your own solo 401k because you have some sort of business you can do more than $6,000. But can’t do it in an employer 401k as the provision would basically always fail non discrimination testing
Pro
D1 are you referring to an SEP plan?