68-year female client. 2016 1040 issue. Not filed yet.
$245k AGI. Has qualified (401K) retirement plan thru employer. Thus can't deduct IRA contribution. Or contribute to Roth directly.
I advised the client on "backdoor" strategy.
The client contributed $13,000 to non-deductible IRA on 4/4/16....
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Why is conversion (regular to roth) taxable?
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IRA RMD 70 1/2 then date of next distribution
Taxpayer turned 70.5 In April 2017.... gave first RMD to charity in late April 2017.... I think that one was required by April 1, 2018. WHEN is the second one required to be made? By December 2018? I am getting confused because the birthday was in 2016, but the half birthday crossed into the next year. I am almost positive that because 70.5 went... -
S-Corp SEP IRA Contribution; Cash vs. Accrual
I'm wondering if I have been handling something incorrectly. A cash basis S-Corp makes a SEP IRA contribution each year for the single shareholder-employee. Because the contribution does not have to be made until the due date of the return, in the past I have made an adjusting entry to accrue the contribution into the period covered by the tax return.... -
IRA One-Rollover-Per-Year Rule
I have a financial planning client who dropped into my office to review his current investments and upcoming college funding needs. I did not prepare his returns (H&R Block did). The client is age 52 and his wife is 54. They have several IRAs (Roth, traditional) and non-IRA accounts that are all invested in various annuities (variable and fixed... -
Ubti
On my own rollover IRA, I've discovered that I'm going to have more than 1K in "dividends" from Vanguard Natural Resources. I'm led to understand that this triggers the need to pay Unrelated Business Taxable Income tax even though it's in an IRA. I haven't come up against this before. Is it separate from my 1040 filing? I would think so....