HitAnyKey42’s Activity

Tue Mar 24

NL

Boards Post

HitAnyKey42 replied to the Tax Strategies board. 5:23 PM

Re: Schedule C office expenses?

When you find an answer for this (if someone doesn't reply here directly with a good way to calculate it) please post here again. I'm going to have this same situation for the 2015 tax year. So I have time to figure it out, but I'm going to be in the [more]

Mon Mar 16

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HitAnyKey42 replied to the Tax Strategies board. 10:10 AM

Re: Do I need to do Estimated Qrtly Tax Payments

Now here's a wrinkle I's sure you didn't consider. You may still be subject to NY income tax on your consulting income. The key determinant may be whether you are truly working for a different entity now than when you were employed in NY. NY has [more]

Fri Mar 13

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Boards Post

HitAnyKey42 posted to the Tax Strategies board. 11:45 PM

Do I need to do Estimated Qrtly Tax Payments?

I have a rather complicated situation for this coming year and I'm trying to figure out if I need to somehow calculate and pay estimated quarterly tax payments this year.
Quick summary of my situation:
I was laid off last year (and we moved [more]

Tue Mar 10

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Boards Post

HitAnyKey42 replied to the Tax Strategies board. 12:46 PM

Re: Roth IRA Contribution Penalty-What to do?

You've said you're unemployed right now... I'd spend the hour on the phone getting it recharacterized to a traditional, then doing a back-door Roth. Cost is extra time on the phone, and back-door Roth probably only makes sense if you don't already [more]

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HitAnyKey42 replied to the Tax Strategies board. 10:34 AM

Re: Roth IRA Contribution Penalty-What to do?

Peter, thank you very much for the much more simplified explanation for me. You are correct, I was certainly making it too hard (I tend to do that LOL).
Based on your alternatives, I started to call OH to see about doing Alternative 2. Was going [more]

Recommendation

HitAnyKey42 recommended ptheland's post on the Tax Strategies board. 10:27 AM

Re: Roth IRA Contribution Penalty-What to do?

Mon Mar 9

NL

Boards Post

HitAnyKey42 replied to the Tax Strategies board. 7:35 PM

Re: Roth IRA Contribution Penalty-What to do?

[i]No and no. There is a 6% penalty that applies to the excess contribution each year until it is removed or can be absorbed in a new year's permissable contribution. Or, if you remove the excess contribution, you pay regular income tax on the [more]

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HitAnyKey42 replied to the Tax Strategies board. 6:03 PM

Re: Roth IRA Contribution Penalty-What to do?

Whoops, forgot the part of your post where you talked about prorating the stuff.
So the pro-rated gains would be ~$66. So that's what I'd have to somehow report for being taxed on (LT Gain at this point?) and a $6.63 early withdrawal [more]

NL

Boards Post

HitAnyKey42 replied to the Tax Strategies board. 5:51 PM

Re: Roth IRA Contribution Penalty-What to do?

How would I even know what the immediate value was after the contribution? I don't know what the exact value of the account was last March immediately after the contribution, and along those lines, how would the IRS know for making sure I withdraw [more]

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Boards Post

HitAnyKey42 posted to the Tax Strategies board. 4:48 PM

Roth IRA Contribution Penalty-What to do?

Hoping someone can help me with what to do in this situation that has come up which I only just recently realized.
In March of last year I added $1000 to my Roth IRA account with OptionsHouse. Used most of this amount to buy some shares of two [more]

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