Cad
scientia potentia est
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As has always been true throughout history, don't think that boat is going to capsize now.
Investing General Discussion
- Thread starter Furious
- Start date
Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
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Over contributions to IRAs is pretty brutal in terms of IRS penalties. If you did over contribute i would get that handled. IRS takes 6% a year of the over contribution each year until its corrected.
Cad
scientia potentia est
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You can still backdoor Roth.
Backdoor Roth IRA: What it is and how to set it up | Vanguard
What is a backdoor Roth IRA? Explore the process, benefits, and steps to utilize backdoor Roth IRAs for maximizing your retirement savings.
investor.vanguard.com
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
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I am going to put this out there. Contributions to retirement accounts is a much deeper pool than "what meme stock should I buy?" Things like income level, type of income (earned, not earned), 401k (you amd spouse) etc factor in.
Make sure you examine all the rules for the two accounts before contributing to Roth/Traditional.
Make sure you examine all the rules for the two accounts before contributing to Roth/Traditional.
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
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Synj
Dystopian Dreamer
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Thanks for the heads up, but I’m not saying I’ve overcontributed, I’m saying I might missed my window and should have been contributing more previously.
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TJT
Mr. Poopybutthole
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It's very easy to overlook it because the times where you're Yoloing from 20-35 (approximately) are when you are most likely to be well within the income cap for contributing to ROTH. By the time you wise up, depending on career path, you're now unable to contribute to it at all.
You may need to resort to advanced jew sorcery with the backdoor roth indeed.
You may need to resort to advanced jew sorcery with the backdoor roth indeed.
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Kithani
Blackwing Lair Raider
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Just look up how to do a backdoor Roth, wife and I do this every year.
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Kirun
Buzzfeed Editor
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Kithani
Blackwing Lair Raider
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,755
- 131,484
Cad
scientia potentia est
- 29,080
- 65,512
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Sanrith Descartes
Its all the Joos' fault. Am I doing this right?
- 48,755
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A couple of good primers on debt auctions:
tldr: this auction had low interest in the this debt at the yield. The when-issued yield of 3.947% was close to the high yield of 3.953%, indicating market expectations were largely met, but the tail suggests some bidders pushed for higher yields at the auction's close. So think of it as the Fed offered the debt with 3.947% coupon and the bidders were looking for 3.953% coupon based on the bids for it. Rate is inverse of price, so think of it like this. The bidders were offering $0.994 for every $1.00 (6 basis points "the tail") of debt at the coupon of 3.947%. This effectively increases the coupon yield.
edit: hosed up the decimals
tldr: this auction had low interest in the this debt at the yield. The when-issued yield of 3.947% was close to the high yield of 3.953%, indicating market expectations were largely met, but the tail suggests some bidders pushed for higher yields at the auction's close. So think of it as the Fed offered the debt with 3.947% coupon and the bidders were looking for 3.953% coupon based on the bids for it. Rate is inverse of price, so think of it like this. The bidders were offering $0.994 for every $1.00 (6 basis points "the tail") of debt at the coupon of 3.947%. This effectively increases the coupon yield.
edit: hosed up the decimals
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