Sorry if this is really stupid but 2025 was my first year doing back door Roth IRA. Im now trying to file taxes through H&R block and it's really confusing and complicated. Am I doing something wrong or is it really that complicated to file? For some reason it keeps saying I might owe a 6% penalty.
Thanks!

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

It's possible that the person you are working with is what is sometimes called an H&R Blockhead.

likefunny

Haha never heard of this but that's funny

if you Google "reporting back door Roth using h&r block" you'll get step by step instructions with screenshots of the questions and what you should answer so that it is properly reported. the finance buff has a post on it.

like

Agree, I use finance buff blog or physician on fire blog for step by steps

like

Did you say you made a contribution to Roth when you were not eligible to? If you did a backdoor Roth, you made no contributions to Roth which would create a 6% penalty.

like

The 6% tax is an excise tax levied when you exceed the allowable max contribution.

like

So what was the reason for the 6% penalty? Was it because you have pre-tax IRA balances and it took a pro-rata % to determine how much was taxable?

like

Yeah I think the system (and I lol) are a bit confused. Im going to meet with someone else later this week to figure it out

Related Posts

Im working at a big multi-product company and we're having 5 dedicated product teams, however, teams are working in silos. Each team's has its own process, design system, technology etc. We identified that most of the teams use and need components that were already conceptualised, designed and developed, for our other products, and we are starting to create a global set of components, a global design system that we will use on all our products. What is your approach?

like

Can a robot really do your job?

like

For product analytics alone which is better? Heap or Pendo? Has anyone had any experience using them?

like

Looking to take my first solo trip for my birthday and deciding between San Juan & St. Thomas. I want beach, one water activity, nice hôtels/resorts and amazing food! Walkability would be nice but not needed!

like

I don't get how people can be so lax about getting covid. Like whenever I talk to those "I'm YoUnG aNd HeALtHy" people they say it'll just be a cold, but I have a cold right now and I'm miserable 🤒 like do people like getting sick?

like

What are the chances of Amazon (or FAANG in general) allowing you to apply/interview again for a position that you did not get in the past?

like

Citicorp Hi, How is WLB and job security in Citicorp ? I am a java developer with 5.5 years of experience and have joining in next month. Thanks in advance!

Citi

Hi, I am considering two offers in Strategy Consulting (MBB) and PE (Tier 1 European fund) for a first job post studies based in Europe. Do you have any insights/advice on what I should consider to make my decision (compensation, career opportunities, professional development, work-life balance etc) based on your experience?Thanks!

like

Is hiring going strong these days in MBB? I will be interviewing soon with Boston Consulting Group, McKinsey & Company, Bain & Company

Any ME fish willing to share insights?

like

Hiya!

I'm looking at applying to MBB (Preferably BCG) for a summer internship this summer. I'm a first-gen Oxbridge student, and while I have little experience in consulting along the lines of MBB, I did work in the city last summer as an sustainability consultant.

I'm curious how important it is to have a referral etc and what you'd recommend for applications opening in jan. Any advice is super appreciated I don't have any connections to the industry but it's something im interested in. 

like

How do you feel about work coming out of NYC vs Chicago? Is Chicago regarded as a lower tier market for creatives?

I wish admin utilized Tier 1 supports with teachers. Smiles, appreciations and acknowledging ones efforts would do a great deal to boost morale and climate. I just don’t understand what that is so hard to do.

like

Does an MBI constitute an additional salary bump or bonus?

Looking for a female date to go to bemelmans bar tonight
I am a 35M Brit Indian. I have only 2 abs and great sense of humor. Also I’m only 5”5. Lord blessed me with superior quant skills for the lack of vertical reach. Thank you.

funnylike

For folks starting at BCG (experienced hires) in August, is there any indication as to what the first week(s) of orientation and training is like? I.e., remote vs in-person (if in-person, which city), etc.
My SO is convinced she can’t make our weekend plans due to these trainings ..

like

Most exotic work travel destination you've ever gone to and for what brand or client?

like

Which department drinks the most?

like

Grey Merge with AKQA, VMLYR merges with Geometry. Are those „mergers” just the coverups for potential wave of layoffs?

like

How big does an agency have to be to justify a CCO title?

like

Message me if you need a referral to PwC cybersecurity, financial crimes, or regulations. Please no noobs. Only experienced professionals with at least 1 YOE

likefunny

Additional Posts in Personal Investment Chatter

I’m 26 and have ~40k sitting in my savings account. Annual income 140k. Maxing out 401k. No debt. Planning to invest 25k but don’t know where to start. Should I get a wealth manager? What is the best way to approach this?

like

I work in sf and Nyc and have now saved enough where I’m wondering if it makes sense to buy rather than rent an apartment as an investment. Tricky part is I’m still quite young and this wouldn’t be my lifelong/family home. Have also considered buying in less metropolitan areas and renting them out for passive income. Curious if anyone’s gone through this process before and have thoughts ?

like

I once heard that the average age of those that achieved a net worth of a $1M was around 49 yo. Is this intended to include assets like real estate equity or is this meant to be liquid assets / retirement accounts only?
Understanding, $1M is no longer the goal but for those of you that have achieved this already - What was the age you achieved it and are you including your home equity?

like

If I’m just beginning to invest outside of my retirement accounts, should I invest in a Vanguard ETF (VOO)?

like

25 and a year into having a brokerage account. How does one build a strong portfolio? I’m currently doing well based on stock picks but understand that it’s really just luck based on this rollercoaster year. Holding for the LT

like

Thoughts on marijuana investing? Best investments, so like equities or funds?

like

How much have you saved from refinancing your student loan?

I really want to move out of my parents place for social reasons etc. I still hangout with friends a lot but it’s just a hassle having to drive a hour or so to kick it with them. So my dilemma is I enjoy saving $ on rent (yes I know can’t have both) but the main reason for me moving back home is so that I can save and buy a house. On the flip side with how expensive houses are right now it’s hard to even buy. I’m in CA btw SoCal. If anyone has any suggestion of places to live for a 26 YO TIA!

like

Okay finance gurus, I have an idea and interested in your thoughts. Might be a bad one so be gentle 🙂. I have a 2 yr old and another on the way. Need to start planning for college. I was thinking of buying a condo or 2 in lieu of saving and selling them down the line for tuition. Condos downtown are pretty inexpensive (T3) so it’s financially feasible. But is this a good idea or too risky?

like

How much do you keep in the bank vs brokerage?

like

If I max out my traditional 401k and have a mortgage interest deduction to against my w-2 taxes does it mean I can pay way less taxes than a average person who makes same amount salary as me?

Newbie trying to get a better understanding: is it better to max the 401K or just hit company 401K match and max Roth IRA first?

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

Has anyone used individual citi wealth management account?

Any feedback on the same?

funny

Ally bank dropping rates again. CD a good choice?

I've been allocating 100% of my Roth IRA funds to Vanguards target retirement fund 20XX. Should I keep doing this or do I need to start getting into VTI/VOO/VTSAX as everyone in this bowl is so fond of?

like

Noob investor here. I messed up and need some advice. Invested in Alibaba (BABA) around $245 average cost because I believed in the business but now I’m significantly down…what should I do? I have half investment in my individual brokerage and half in my Roth IRA (I know, pretty stupid of me). Am I screwed long term?

likesmart

I’m finally hitting a stride (now in my mid-30s) and have some cash to play around with/invest. Any suggestions or recommendations on good, long-term strategies (and/or things I should absolutely be doing) for people not familiar with having a tiny cushion of wealth? Also open to “you should hire a financial advisor, etc..”

Hi all, I am trying to DCA bi-weekly into Vanguard ETFs, (VO, VTI etc). It seems like Fidelity does not support auto buying of non-Fidelity ETFs. So I was wondering which of these options you think is best?

1. Open a Vanguard Invest account
2. Look for Fidelity ETFs that are similar to Vanguard ETFs
3. Use smaller brokerages like SoFi l, Robinhood etc.

I really do not want to manage nor be active. My goal is to log-in like once every 6 months.

Thank you all.

like

Has anyone taken up the Personal Capital investment management service that they offer?

They say they will manage my 401k but to do that they will require my credentials that I use to log into fidelity. Is that normal? Has anyone here done that before? Any feedback or experiences of using them?

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

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