Hi all
Got my w2s and talked to my accountant and really even if he works his magic it will be hard for me to get my income down to contribute to the ROTH IRA last year and likely this year. I am withdrawing my contribution/backing out my contribution from last yearr as well as the $500 I put in this year f and will put it into my taxable investment accounts
I talked to vanguard and they recommended AGAINST contributing to the regular IRA with after tax dollars as I do not get a deduction and it will be taxed again at withdrawal.
So until my income goes down I am limited to the 401k.. $18k and the HSA account
Homes still going smoother.. the guy who we were evicting moved out a few days ago so folks are busy cleaning up, throwing out, doing some quick minor fixes and getting it ready to rent. I am setting a budget of $1500 and am looking to get it listed by the end of htis upcoming week.
I talked to the neighbors (I own that house too) and they are very happy. no issues.. so felt good to hear that.
Trying to run these homes tighter.
Property manager will tell me his rent estimate tomorrow.
I am also putting together a list of 'larger improvement items'across the homes so I can knock those off as I go along but no pending large repairs needed
Having to back out contribution from RothIRA
January 31st, 2016 at 05:37 pm
January 31st, 2016 at 06:14 pm 1454264050
Have you considered a back door Roth contribution? Since there is no income limit to convert from a traditional to a Roth, some people make a non-deductible traditional IRA contribution then immediately convert to a Roth. Do you currently have deductible contributions sitting in traditional, Simple, and/or SEP IRAs? If so, it complicates matters as you must convert a pro-rata share of deductible and non-deductible contributions.
February 1st, 2016 at 03:08 pm 1454339282
Thanks!!
February 2nd, 2016 at 06:53 am 1454396022
Alternatively, you could just take care to choose very tax-efficient investments in your taxable account.