Split-Year Backdoor Roth IRA in H&R Block, Year 2
Follow this detailed walkthrough of how to report in H&R Block tax software converting recharacterized backdoor Roth contributions from the previous year.| The Finance Buff
Follow this detailed walkthrough of how to report in H&R Block tax software converting recharacterized backdoor Roth contributions from the previous year.| The Finance Buff
The IRS Form 1040 instructions clarified the new CARES Act charitable contributions deduction for married filing jointly.| The Finance Buff
Congress passed a new stimulus bill before the Christmas weekend. Although President Trump wanted to raise the second stimulus check from $600 per person| The Finance Buff
Trump Account: IRA for Kids With No Earned Income| The Finance Buff
Trump account is a non-deductible Traditional IRA for kids with no earned income. It isn't as good as a custodial Roth IRA, a 529 plan, or a UTMA account.| The Finance Buff
When it comes to Traditional and Roth IRAs, convert and recharacterize means different things even though they both involve changing something. Make sure you use the right word.| The Finance Buff
An inherited IRA isn't yours. It isn't included in the pro-rata calculation unless you are the spouse of the deceased and you make the inherited IRA your own IRA.| The Finance Buff
Step-by-step walkthrough with screenshots for how to report backdoor Roth in TaxACT.| The Finance Buff
Banking, loans, investing, insurance, taxes, you name it. I will show you how to manage your money better with my first hand experience.| The Finance Buff
Compare your income with the Federal Poverty Level (FPL) to calculate the premium subsidy tax credit for health insuance under the Affordable Care Act.| The Finance Buff
Use this calculator to see the effect on your total deductions and your taxes from the SALT cap increase in the 2025 Trump tax law. Learn the Nuts and Bolts I put everything I use to manage my money in a book. My Financial Toolbox guides you to a clear course of action.Read Reviews The post Calculator: Effect of Higher SALT Cap in 2025 Trump Tax Law appeared first on The Finance Buff.| The Finance Buff
A deep dive into “No Tax on Overtime” in the new 2025 Trump tax law, with a calculator to estimate tax savings. It's not what you think. Learn the Nuts and Bolts I put everything I use to manage my money in a book. My Financial Toolbox guides you to a clear course of action.Read Reviews The post No Tax on Overtime in 2025 Trump Tax Law. What’s the Catch? appeared first on The Finance Buff.| The Finance Buff
A deep dive into "no tax on tips" in the new 2025 Trump tax law, with a calculator to estimate tax savings. What qualifies and what doesn't? Learn the Nuts and Bolts I put everything I use to manage my money in a book. My Financial Toolbox guides you to a clear course of action.Read Reviews The post No Tax on Tips in 2025 Trump Tax Law. What’s the Catch? appeared first on The Finance Buff.| The Finance Buff
If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward a benchmark policy.| The Finance Buff
A real life experience of how to get lost or stolen savings bonds replaced.| The Finance Buff
TurboTax and H&R Block charge $25 to e-file a state tax return. Follow these links to e-file for free directly on your state revenue agency's website.| The Finance Buff
Fidelity Full View gives a global view of your entire portfolio at Fidelity and elsewhere. It feeds into Fidelity GPS for a more in-depth analysis.| The Finance Buff
An unusually high marginal tax rate isn't a problem. You're rewarded with paying lower taxes. You live on after-tax dollars, not rates.| The Finance Buff
Use this calculator to see the marginal tax rate on Roth conversions and long-term capital gains when you also receive a subsidy on ACA health insurance.| The Finance Buff
Some tax deductions are neither above-the-line nor itemized. They're available if you take the standard deduction, but they don't lower your AGI. Learn the Nuts and Bolts I put everything I use to manage my money in a book. My Financial Toolbox guides you to a clear course of action.Read Reviews The post Tax Deductions: Above-the-Line, Itemized, and Neither appeared first on The Finance Buff.| The Finance Buff
The 2025 Trump tax law adds a new tax deduction for charity donations when you don't itemize and lowers the deduction when you do, starting in 2026.| The Finance Buff
The 2025 Trump tax law made car loan interest deductible with many strings and only temporarily. See what qualifies and what does not.| The Finance Buff
The 2025 new Trump tax law didn't extend the enhanced ACA premium subsidy. Manage your income carefully to stay under the tax credit cliff.| The Finance Buff
The new 2025 Trump tax law doesn't eliminate federal income tax on Social Security benefits. Social Security is still taxable just as before.| The Finance Buff
Consider investing in TIPS for inflation protection after maxing out I Bonds. They have no purchase limit, and you can invest through a mutual fund or ETF.| The Finance Buff
Buying Treasuries can complicate your taxes depending on which ones you buy and how you buy them. See how to keep it simple and avoid tax headaches.| The Finance Buff
Premium survey from your state government can help you narrow down the list of companies you contact for auto and home insurance quotes.| The Finance Buff
Using an independent agent for auto and home insurance gives you a different channel for lower premiums. It's worth a try.| The Finance Buff
Many investors are confused when they report Backdoor Roth on their tax return. It's very clean if you learn how to do it the easy way.| The Finance Buff
Follow this detailed walkthrough of how to report in H&R Block tax software the backdoor Roth contribution made or recharacterized for the previous year.| The Finance Buff
A step-by-step tutorial for how to do a backdoor Roth IRA, including links to articles on how to report it on the tax return.| The Finance Buff
Follow this detailed walkthrough of how to report a Roth conversion in TurboTax after recharacterizing a Roth IRA contribution for the previous year.| The Finance Buff
Follow this detailed walkthrough of how to report a Roth conversion in TurboTax after recharacterizing a Roth IRA contribution in the same year.| The Finance Buff
You can deposit the paper I Bonds from the tax refund to your TreasuryDirect online account. Follow these steps. It gets easier after you do it once.| The Finance Buff
A secondary owner can't see or redeem savings bonds in TreasuryDirect until the primary owner specifically grant rights to the secondary owner. Here's how.| The Finance Buff
Although it sounds like more old school, the software you install on your own computer is actually both less expensive and more powerful.| The Finance Buff
Use this online calculator to see how much of your Social Security benefits is taxable and how much of it is tax-free.| The Finance Buff
Detailed steps and screenshots for how to buy Treasuries on the secondary market without a fee at Fidelity, Vanguard, Charles Schwab, and Merrill Edge.| The Finance Buff
Setting up auto pay on a Bank of America credit card is tricky to figure out. Here's a walkthrough of how to do it.| The Finance Buff
It's possible to cash out I Bonds tax free for college expenses or transfer to a 529 plan but you must meet an income limit and some other requirements.| The Finance Buff
A computer-based calendar makes it easy to create recurring events for bills, taxes, and investing tasks. Put them on your calendar so you won't forget.| The Finance Buff
Fraudulent brokerage account transfers via ACATS are rare but devastating. Learn how to protect your accounts from ACATS fraud in this case study.| The Finance Buff
Calculate how much of the fund and ETF dividends are from Treasuries and exempt from state taxes. Enter the amount into TurboTax, H&R Block, or FreeTaxUSA.| The Finance Buff
The best retirement plan for self-employed persons with no other employees is the solo 401k plan. See the easiest way to set up one.| The Finance Buff
Follow this detailed walkthrough of how to report in FreeTaxUSA recharacterizing and converting backdoor Roth contributions from the previous year.| The Finance Buff
Follow this detailed walkthrough of how to report in FreeTaxUSA the backdoor Roth contribution made or recharacterized for the previous year.| The Finance Buff
Follow these detailed instructions with clear explanation and many screenshots when you report your Backdoor Roth in FreeTaxUSA online tax software.| The Finance Buff
Follow this detailed walkthrough of how to report in H&R Block recharacterizing a Roth IRA contribution in the same year and converting to Roth again.| The Finance Buff
Follow these step-by-step instructions with screenshots and clear explanation to report your Backdoor Roth in H&R Block tax software.| The Finance Buff
I Bonds offer a better yield than all other safe investments. After you max out your annual limit, you can buy another $5,000 by overpaying your taxes.| The Finance Buff
You set a secondary owner or beneficiary when you buy I Bonds in TreasuryDirect. You can still add a joint owner or change the beneficiary at any time.| The Finance Buff
Series I savings bonds (I Bonds) are the best bonds you can buy at the moment. Follow this guide for a complete walkthrough from start to finish.| The Finance Buff
You can buy more I Bonds at TreasuryDirect in a trust. The trust can have the same tax ID, email address, and bank account as your personal account.| The Finance Buff
You can buy I Bonds in your kid's name but you should first decide whether to add to their 529 plan or keep full control of the money in your own name.| The Finance Buff
You can buy another $10,000 in I Bonds per calendar year in the name of your business but they will be subject to judgments against the business.| The Finance Buff
A step-by-step walkthrough of how to use the Case Study Spreadsheet to estimate tax rates on Roth conversion with Social Security and Medicare IRMAA.| The Finance Buff
US Bank Smartly Visa offers 4% reward on every purchase. See what works well, the downsides, and the best practice to set it up.| The Finance Buff
Placing a security freeze at ChexSystems helps prevent someone from opening a bank account in your name. Also check your ChexSystems report and score.| The Finance Buff
Get off SMS text message codes and stop using your phone for login security. Buy hardware tokens and keys to protect your investment accounts and email.| The Finance Buff
Having your email account hacked can lead to wire fraud in your bank accounts. Stop using SMS text message security codes for password reset.| The Finance Buff
Bank of America Travel Rewards credit card pays 2.625% rewards on everything with no caps when you hold $100k worth of investments at Merrill Edge.| The Finance Buff
Your ACH transfer will go fast and not have a hold if you do it the right way. Learn when you should do an ACH push and when you should do an ACH pull.| The Finance Buff
A portion of the dividends from muni bond funds and ETFs is also exempt from state income tax. Find the percentage and calculate it for your tax software.| The Finance Buff
Check deposits and ACH pulls increase the chances to get your account restricted.| The Finance Buff
The yield on money market funds automatically rises with the market while banks drag their feet in raising the yield on savings accounts.| The Finance Buff
Vanguard offers six money market funds. Which one is the best for you depends on your preference for convenience and your federal and state tax brackets.| The Finance Buff
Charles Schwab offers 8 money market funds. Which one is the best for you depends on your risk preference and your federal and state tax brackets.| The Finance Buff
Fidelity offers 18 money market funds. Which one is the best for you depends on your preference for convenience and your federal and state tax brackets.| The Finance Buff
We project the Cost of Living Adjustment (COLA) for Social Security benefits next year under different scenarios. Retirees are better off with a lower COLA.| The Finance Buff
Stop using banks and credit unions for cash savings. Use money market funds and Treasuries for better transparency and fairness.| The Finance Buff
Banks and brokerages offer bonuses to open new accounts or transfer assets. These bonuses work as advertised but I'm not chasing them.| The Finance Buff
Fidelity offers account that can be used as a checking and savings account. Learn how to have free everything and earn a good yield from the first dollar.| The Finance Buff
Follow this detailed walkthrough of how to report in TurboTax recharacterizing a Roth IRA contribution before converting it again as a backdoor Roth.| The Finance Buff
Follow this walkthrough to get the 1099 form for cashing out I Bonds and report the interest income in tax software TurboTax, H&R Block, and FreeTaxUSA.| The Finance Buff
Follow these detailed step-by-step instructions with clear explanation and many screenshots when you report your Backdoor Roth in TurboTax.| The Finance Buff
I Bonds bought as a gift counts toward the recipient's purchase limit. Buying as gift for your spouse works when the high interest rates are only temporary.| The Finance Buff
Treasuries pay a higher yield and are easier to buy than CDs right now. Here's how to buy them without fee at Fidelity, Vanguard, and Charles Schwab.| The Finance Buff
Some financial decisions require extra attention upfront and others don't. Asking these 3 questions helps you distinguish which is which.| The Finance Buff
You pay higher Medicare Part B and Part D premiums if your income exceeds certain thresholds. Here are the IRMAA income brackets for 2025, 2026, and 2027.| The Finance Buff
TreasuryDirect normally doesn't withhold taxes from the proceeds when you sell I Bonds. If you prefer to have taxes withheld, here's how to do it.| The Finance Buff
The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025.| The Finance Buff
The contribution and income limits for workplace retirement plans, Traditional and Roth IRA, FSA, and HSA will go up in 2025 to adjust for inflation.| The Finance Buff
