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Withdrawals of after-tax contributions to a traditional IRA should not be taxed. However, the only way to make sure this doesn't happen is to file IRSForm 8606. Form 8606 must be filed for every year you make after-tax contributions to a traditional IRA and for every subsequent year until...
You may be able to lessen the impact of the pro-rata rule by reducing the amount of pre-tax IRA dollars by year-end. This is calledisolating the basis. If you have access to a workplace plan such as a 401(k) and reverse rollovers are permitted, you might consider rolling pre-tax ...
you might find the process of opening an IRA a bit surprising. With a 401(k) account, you specify the percentage you want to contribute pre-tax and how you’d like to allocate your investment. All recordkeeping is done for you. The ...
E.M. Abramson
The transfer is tax-free for the paying spouse. It effectively provides them with a deduction because they are giving away money that they would have had to pay taxes on eventually.2122 In addition, the transfer of the IRA funds is tax-free for the receiving spouse. Moreover, they would ...
Roth vs. after-tax 401(k) If you decide to rollover your after-tax contributions to a Roth IRA, there is a way around the five-year withdrawal waiting period. While you can’t open a Roth IRA directly if your income is too high – 2024 limits are $161,000 if filing single or $24...
Your tax bill isn't chiseled in stone at the end of the year. Here are 10 tax tips and steps you can take after January 1 to help you lower your taxes, save money when preparing your tax return, and avoid tax penalties.
Roth IRA (subject to income limits; after-tax retirement savings) Comparing investment options after maxing out a 401(k) or 403(b) The investment options after maxing out your 401(k) have varying tax advantages. Contrary to popular opinion, investors shouldn’t always contribute the maximum amo...
After-tax contribution refers to the monetary contribution made to retirement systems after deducting taxes from the individual’s or corporation’s taxable income. In the U.S., there are two main types of after-tax contributions – the traditional after-tax contribution and the Roth 401(k) aft...