During the years you made non-deductible contributions, they should have been tracked using a form 8606. Your best bet is to go through your tax returns and find the most recent 8606.
Assuming you do a conversion this year, you’ll use your form 8606 on your 2021 taxes to determine your basis and the taxable amount.
I think can convert the whole traditional IRA in one year but you will owe taxes on everything except your non-deductible contributions. It will all be taxed at the appropriate marginal rate (not the lower rates for capital gains).
I’m not familiar enough with what’s proposed in the Build Back Better legislation to comment on that.
From ABC:
“Starting next year, the House-passed bill would prohibit all taxpayers from converting their after-tax contributions using this”backdoor”conversion method to a Roth IRA.”
@JRA64 thank you! I figured there was probably a specific form I need to look for.
Rumor I’ve seen is that it’s both (a couple bullets from Fidelity’s summary below), but the conversion provision doesn’t start until 2032. But until it’s final it’s hard to say anything, especially when ‘wealthy’ doesn’t have a definition.
Elimination of the ability to convert after-tax savings in a 401(k) or a Traditional IRA to a Roth IRA, starting in 2022
A prohibition on converting pre-tax IRA and 401(k) plan funds to Roth savings for wealthy taxpayers starting in 2032
ETA–Looks like @iualia and I crossed. That link has a much better summary
But if the prohibitions on backdoor Roth conversions do survive, Roth IRAs, Roth 401(k)s and Roth conversions will still be useful vehicles for the many savers who meet the income and other eligibility rules governing Roths.
(emphasis mine)
This makes it sound like “normal” (ie not backdoor) Roth conversions may still be possible, for non-high income “earners”…?
I hope so, because if not, it completely fucks up my plans.
(I guess, actually, maybe not, since tIRAs and 401k are pre tax, so not into play until 2032?)
I imagine this is being discussed in detail at the Other Place, but I don’t have the bandwidth to go over there…
Are tv brands all the same these days? Mine is older and not smart. I’m going to get a smart 43” one soon and don’t know if there’s anything I should look for? I definitely want like easy to use though, fewer buttons to push to get into whatever show I want. I’m exactly zero amounts of tech savvy.
I have 2 actually. I bought myself a Bissell featherweight. DH decided that I needed one with a battery instead of a cord and he bought me a Makita.
I love my Bissell, with these two irritations: the cord is too short and the bag/filter is too small. That said? I don’t know if I’d use it as often if it were bigger or heavier. So, for me, the person with PTSD issues related to cleaning, a vac that requires me to use an extension cord and empty it frequently is ideal. Because, yes rooms get cleaned, but I’ll empty the thing 3 times while I do it. I use our big shop vac to clean/empty the featherweight.
The bag in the shop vac is huge and disposable, so I don’t have a large dust cloud to deal with. I’m allergic to dust mites, so less potential dust mess is better.
The Makita is heavier with more capacity. Most of the time I forget we own it? It’s ideal for cleaning the stairs, no cord to trip over – which is great!
My Samsung has a hard time connecting to the internet, and I have learned that this is a common problem. I paid extra for a good brand and would not buy this particular brand again.
Yep. I enjoy annoying parent with the fact that I’ve had a relatively dumb television for going on fifteen years now (had to replace a couple capacitors in the power supply last year, but other than that it’s still going strong) with a roku attached where they’ve gone through 4 smart tvs in the same timeframe. Admittedly I wouldn’t replace a television with a few blown pixels which is what triggered one of their replacements, but even ignoring that it’s a definite gap.
We recently replaced a 2007ish Vizio but only because it was 24” and our new place has a bigger living room and I couldn’t read subtitles without squinting
Got an LG something something. Streams stuff, hasn’t caught on fire. Seems fine
We bought ours 13 years ago which was when prices had first really dropped a bunch. It was stolen and replaced by insurance a few months after we bought it. The panel failed just out of warranty but Samsung extended the warranty and repaired it for free. Then no trouble at all since. Occasionally I lust after something a bit bigger.
I have a Bissell Cleanview and am pretty happy with it. I don’t think cordless ones do a good job on carpet and vacuuming carpet is what I use it for. Or rather, that is my nine-year-old’s job but I do it when he is with his dad! I NEVER vacuumed the stairs with the big vac. I just didn’t do it.
But… seriously tech stupid here. I just want to watch like Discovery plus and Amazon prime easily and ditch cable finally. My coworker said a smart TVs is the easiest way to do this, but I have no idea if he is right.
Streaming sticks are pretty simple though. Plug in to HDMI port, connect it to power. Switch input on the TV to it, then follow the on-screen prompts. We got the Roku StreamingStick+, which is $30, and love it. Might be worth trying it before investing more $ in a new TV? You could always do the TV later if it doesn’t work out, $30 isn’t much sunk cost.
