Tax situation:
In Nov/Dec 2020, I sold some positions for $10K short term capital gains, performed a $6K backdoor Roth, and converted $15K of pre-tax employer match 401k money into Roth IRA funds when I switched jobs. Combined, and my 2020 Tax Return tells me I owe Uncle Sam $6K in taxes. (*insert sarcastic "yayyyyy"* here) 😑

(continued)

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

Tax Question :
Though I was expecting this ridiculous tax bill, should I have submitted an underpayment of estimated tax form (Form 2210) with my return when I submitted it? I definitely paid less than 90% during the 2020 calendar given these recent transactions/conversions, but they were made within the last 90 days of the calendar year. Has anyone had a similar situation with underpayments with 401k/IRA conversions... or realizing short terms gains... (or winning the lottery, lol)

like

Related Posts

What matters most when you're looking for the next opportunity -- having worked on 'so-so' ideas for HUGE brands at a big place OR more creative freedom on say, healthcare brands at a small shop?

like

Is there any book or reference material to better understand value creation in healthcare / life sciences? Ty!

like

Today I got an offer from Accenture. Doj is 6th March. Currently I am pregnant. I just want to know what is the minimum service days in Accenture to avail the maternity leave.

like

Any recommendations for best balance transfer card? Like zero APR for 15-18 months and no fee? Also nice to have points or cash bonus

like

Best book on personal finance?

like

Hi Guys,

Can you please tell me in hand Salary

- how much will be tax deductions - &

- how to save tax

Post Photo
like

I’m a new associate to a T&E group, partner goes away on vacation and leaves me with a 706 to review and sign. The family is very wealthy. Decedent married for 60 years. Partner says it’s “just a DSUE election, decedent was ill for years, no assets.” Provides no records. Not even an admission the decedent owned a toothbrush. So I looked up the decedent’s home - it’s a joint asset. Partner was “surprised”, and still insists “no other assets”. I found file references to art and antiques.

like

I am currently seeking an HR Generalist or Benefits Admin role. I live in Southern MA and I am SHRM-CP certified. In addition, I have over 5 years of experience in different HR areas. Please send any leads to me. Thanks!

like

Hey Fishes!!
Please don't skip!!!
I am an MBA-hospital & health graduate from a top college and currently working in a home healthcare company. Company is fine but they have given operations & BD responsibility and I am juggling with both which has started effecting my health. Is there anyone who can refer me to any healthcare IT ? I have less than one year of experience. I'd highly appreciate any help🙏🏻

Hi fishes, need suggestions , i am having hcl and deloitte offers with package of 11.4 and 13.5. But main concern is hcl is giving hyderabad as my location which is my native whereas deloitte is giving mumbai as location. Which one to choose and which has more learning and benefits. Pls comment below

like

Anyone successfully gotten out of yearly fees on their card/gotten points for it?

like

Considering a job offer in nyc coming from the south. Making about 400k here and we live very well but won’t lie - life’s quite boring here. Have an offer in nyc (my fave) for 500k. SO will probably stay around his 200k comp. 300k of my 500k is guaranteed - the rest is bonus which I am 50/50 on depending on how the company does. We’re 30s and thinking of starting a family. Don’t want to deal with commute so thinking Manhattan. Worried about nyc COL. Should I take it? We have about 1M saved fwiw

likefunny

First gen grad working in Corp America so had to learn stuff like investing from scratch. I deposited funds in my IRA and invested those in some stocks. This was early in my learning journey. I've since learned about Roth IRAs and their tax benefits and would love to convert but I own some stocks that I bought relatively cheap and would hate to sell. Any way for me to convert to Roth while holding my stocks?

like

$230K total comp, w/ stay at home wife, 1 child. Should I purchase an $800K dream home (great schools, location, space)? Or am I pushing the limits? Current mortgage pmt is $1.5K/mo so this would put me at ~$4.3K/mo. Thoughts?

likefunny

LCSW 50k loan repayment- Has anyone been granted a contract through the National Health Service Corps Loan Repayment Program? I’m interested in applying for the 2 years of full time work as an LCSW but my loans are a bit under 50k so I’m wondering if they would only give me what I need to clear my loans or would I still get 50k as long as I complete my contract ?

Is saving over rated? Starting to think my general strategy/approach to savings. I recently posed a question about why people don’t retire earlier after seeing maxing out your tax accounts (~30K with match) gives you ~70k in today’s dollars (not 70k in 2060 dollars). I was a bit hyper obsessed about saving that extra 2-3k a year and saying no to that extra beach trip or mountain weekend or even a round of golf. Now I think I should be saying yes, what do you guys think? Just curious for thisconv

likefunny

Buying house with H1b . Is it too risky ? Worried that in case of visa rejects have to sell it fast , like in 30 days .
Can fishes share your reasoning ?

does anybody know of any iconic healthcare/pharma activations that were done in recent years? specifically trying to find some examples done for disease awareness days/months.

like

Can we get a gaming laptop using the 1100$ reimbursement?

like

Hi Everyone,

I have received an email for selection as Data Scientist at
Roche
However the mail has no detailed information on salary component and various other details like date of joining etc. What should be my next step.

Lastly, how is the company? What are the benefits working there? Is the work pressure too much?
Any information would be helpful.
Thanks in advance.

like

More Posts

I’m looking to take some certificate classes. Can anyone point me in the right direction for affordable online classes?

like
like

I got painfully dumped by someone I was sure was the one 3 months ago. Was very hard at first and struggled with sadness, shame, etc. Fast forward I’m super grateful he dumped me because it forced me to do some deep work on myself and past wounds and learn what it means to truly love myself. I’ve finally stopped thinking about him and I feel like I’m a brand new version of myself

likeupliftinghelpfulsmart

At what age in your life did you decide that you couldn’t do the consulting 60-70 hour burnout lifestyle anymore?

The work I do is great, people are great but hours kill me every week. How long did you push yourself till you decided it wasn’t worth it?

like

Desi 🐠, I keep hearing about “mental issues” in the maim bowl. Can someone give examples of what is considered a mental issue?

likefunny

I'm thinking about doing some boxing. Anyone do recreational combat sports? What's your experience?

like
helpful

Best way to DIY clean an engagement ring? Mine has a lot of little nooks that end up filled with sunscreen, lotion, etc

Post Photo
like

when randos hit me up on LinkedIn with "opportunities"

Post Photo
likefunny

Hi everyone, I applied to the Google Bold Internship. I’m looking for a referral. If anyone can help that would be great!

like

Is 710 gmat too low for M7? Asian male coming from mbb - targeting Sloan, Columbia, booth, Kellogg

like

As a designer, how do you advocate/validate your design decisions with business stakeholders and developers?

like

Insight about DeVries?

Did anyone reject someone a million times on the apps, eventually gave them a chance and are now married?

likefunny

McKinsey & Company I’m curious about McKinsey & Company and their Periscope team. Is it really a separate org that only does back-end? How friendly is it to techies who want to retain work-life balance?

like

Hi,
Can anyone guide me how can I switch from HCM Technical to workday or any other better technology which I can switch from

like
like

I have an interview tomorrow for a remote sales consultant position (F&B Industry, POS). Anyone have any advice or tips? Also on the same token, what’s a typical comp for a position like this within the company? I have 7 YoE and located in Orlando.

like

For men's coats, is dark red ("wine red", darker than maroon, in pic) OK or is navy blue better?
Was thinking about going for the red equivalent of navy blue to stand out, but it seems so uncommon...

Post Photo
like

Additional Posts in Personal Investment Chatter

Would love your thoughts. I lease a 2019 Audi A4–due to go back in March, but I’m eyeing a Tesla. The mileage on the lease is crazy low (18k miles). Has anyone traded in an Audi for Tesla? Or traded in anything for a Tesla? Looking at Model3 performance.

like

From what I read, Mega backdoor roth earnings does not grow tax free. Can someone please explain the advantage of using it?

Has anyone used FreeTaxUSA to file taxes this year or in the past? Seems too good to be true for someone with multiple states, stock sales, HSA and other forms for $0 federal and $14.99 state

like

Do you include your significant others net worth when calculating your own?

funnylike

Can you use your retirement money to buy a house? (First time buyer) -- I have a DCPP Pension plan with my employer. (CANADA).

Help please. I made excess contributions to my Roth IRA in 18 and 19, maybe 17. How do I figure out how much to withdraw bc it includes interest on the excess amt? Do I pay penalty of 6pct on 18 only? What do I report on turbotax? Very overwhelmed here

like

what platform do you guys use for day trading? RH has a day trading account available to those who hold 25k or more with them. What can I do to workaround this? Thank you!!

likefunny

Thoughts on these funds?
 FBGRX, TRBCX, CPOAX, VBIAX

like

People who have a million or so in your investment accounts - have you tried taking a loan against it to invest in S&P500? I could do this if I bought a home, but because of personal situation, can’t buy a home now. Still want to make the most of low interest rates now. Thanks in advance folks!

like

Checking to see if I am correct on this. If I make the max $6000 contribution to a traditional IRA this year and none of it is deductible, I can then roll it over into a roth with no taxes? If so, do I roll over each monthly contribution to the traditional IRA or wait until the end of the year for the full $6000 to rollover?

This is with 0 contributions to any other IRA.

like

My wife is self-employed, and thus we need to think about income tax and self-employment tax. I’m a normal employee.

I’m trying to avoid the hassle of quarterly tax payments. Since we file jointly, can I just increase my W-4 withholdings to cover the tax bill for her income tax and self-employment tax?

like

Can someone explain how a megabackdoor roth works?

like

529 plans question - what are the general thoughts on the age-based funds that do investment allocations for you vs. other options? They seem to be similar to target date funds in a 401k but not sure if there are any drawbacks I should be thinking about

Does anyone know what’s happening to APHA after hours?

like

Any suggestions on avenues to buy Gold bars? Based in NYC if that helps.

funny

What’s the difference between putting my savings into a high yield savings account vs into a bond ETF? Which is better? Thanks!

I have $30k in two old 401ks with previous employers I need to move. Thinking I’ll just sell out of the mediocre funds they are in and put it all into ETFs with fidelity or other low cost broker. Any reason I should keep them in they funds they are in? Would love to do Roth conversation, but above $165k so doesn’t seem to make sense. TIA!

like

What is a decent diversification of large, mid, small-cap, and international stock? I.e. 65 large, 10 mid, 5 small, 20 international?

like

Does anyone know what the best option for a not-for-profit entity to invest in treasuries is? Can you purchase direct like individuals can or do need to go through a broker of sorts?

Started working last year and have 60k sitting in my savings account. No current brokerage accounts, No loans, etc. Was planning for market to dip after election so I could buy into QQQ etc and that clearly didnt happen. What would you guys recommend i do now?

like