OT: One for you tax experts

[HuskerDrew]

I will tell you this, the IRS does not like the “taxable amount not determined “ indicator from reporting entities so if you can use other money just keep the Roth until 59.5 and save the hassle

Also, what’s it for.. hookers or blow?

 

[WHCSC]

How close are you to the actual age where it doesn’t matter?

2 years away

 

[WHCSC]

I will tell you this, the IRS does not like the “taxable amount not determined “ indicator from reporting entities so if you can use other money just keep the Roth until 59.5 and save the hassle

Also, what’s it for.. hookers or blow?

“or”?

 

[TampaBaySkers]

How close are you to the actual age where it doesn’t matter?

Death? I doubt he knows

 

[Dean Pope]

Question for you-Do you keep contributing to a Roth IRA after retirement?

I plan on it as long as I have an earned income. You have to have an earned income to contribute to a Roth. So I guess I'm talking about semi-retirement in that regard. When I'm retired for good, I would like to leave my Roth alone as much as possible since it's a great asset to pass on to your kids.

 

[thall_]

So I retired at the beginning of the year. I have a Roth that I’d like to pull the contributions from but I can’t find out how much that is. Fidelity can only go back 10 years and I can only find some of the years transcripts on the IRS website.
We’ve called them 3-4 times and been on hold for about an hour before they hang up. We have an in person appointment for next week with them but I’d prefer to get this information myself.
Any ideas?
No, I’m not giving you my SSN!

Call the IRS before 7:30am. Used to have to correspond with them frequently when I ran payroll for a smaller O&G company.

They’re nearly impossible to get in contact with outside of super early in the morning.

 

[WHCSC]

This is such a crock. If nobody at the IRS can get me the total how do they know if I take too much?

 

[Juan Malo]

This is such a crock. If nobody at the IRS can get me the total how do they know if I take too much?

I’ve prepared taxes professionally about six seasons on & off, but can’t give a definitive answer. Assuming you need as much as possible and this is the only source, my best suggestion is that you request that Fidelity put in writing that they can’t provide the information. Then make a good-faith estimate of your contribution and document how you arrived at it.

 

[itseasyas1-2-3]

This is such a crock. If nobody at the IRS can get me the total how do they know if I take too much?

I'll go back to one of my earlier suggestions. This is the election/re-election cycle as witnessed by the inundation of political ads, flyers, etc.

You're doing yourself a disservice if you don't call on the incumbent and have them prove their worth IF they want your vote.

Remember they do work for you, this is the time of year to make them do just that.

 

[WHCSC]

I’ve prepared taxes professionally about six seasons on & off, but can’t give a definitive answer. Assuming you need as much as possible and this is the only source, my best suggestion is that you request that Fidelity put in writing that they can’t provide the information. Then make a good-faith estimate of your contribution and document how you arrived at it.

It just seems so stupid. If the IRS is going to penalize me for taking too much why can’t they tell me how much is not too much? They have to have that number.

 

[Juan Malo]

It just seems so stupid. If the IRS is going to penalize me for taking too much why can’t they tell me how much is not too much? They have to have that number.

I don’t believe they will penalize without proof. You can file and claim whatever contribution you want, and only if they audit or ask for more information would you be on the hot seat. That’s why I recommend you have a documentation of what you believe is correct.

 

[WHCSC]

I'll go back to one of my earlier suggestions. This is the election/re-election cycle as witnessed by the inundation of political ads, flyers, etc.

You're doing yourself a disservice if you don't call on the incumbent and have them prove their worth IF they want your vote.

Remember they do work for you, this is the time of year to make them do just that.

Done