Author Topic: any accountants out there that i can ask a question?  (Read 187775 times)

Offline Super Speed

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Re: any accountants out there that i can ask a question?
« Reply #120 on: March 13, 2014, 01:30:49 AM »
An LLC that did not make any money at all has to file?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #121 on: March 13, 2014, 02:22:19 AM »
An LLC that did not make any money at all has to file?
In which state is this LLC?
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Offline Super Speed

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Re: any accountants out there that i can ask a question?
« Reply #122 on: March 13, 2014, 10:26:17 AM »

Online 12HRS

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Re: any accountants out there that i can ask a question?
« Reply #123 on: March 14, 2014, 01:19:01 AM »
Anyone know if I want to put money into a roth IRA for the 2013 year, do I need to have put the money in before filing or I can file and I just have to make sure to put the money I said I would by April 15.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #124 on: March 14, 2014, 01:29:33 AM »
Anyone know if I want to put money into a roth IRA for the 2013 year, do I need to have put the money in before filing or I can file and I just have to make sure to put the money I said I would by April 15.

You can file and just have to make sure to put the money by April 15.
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Online 12HRS

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Re: any accountants out there that i can ask a question?
« Reply #125 on: March 14, 2014, 01:41:50 AM »
You can file and just have to make sure to put the money by April 15.

Thanks so much. Googled around a ton but couldn't see it spelled out clearly anywhere.

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #126 on: March 14, 2014, 06:23:00 AM »
Thanks so much. Googled around a ton but couldn't see it spelled out clearly anywhere.

If you care to share, what’s reason you decided to do a ROTH IRA and not the traditional IRA?
After all, in most cases the traditional IRA gets you a tax reduction now and the Roth gives you a possible tax reduction years down the road.

There are rare exceptions that the Roth is better than the traditional IRA. 
Airlines sending me "We're in this together" emails.

Bruh, where were you when my suitcase weighed it 51.50 pounds?

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #127 on: March 14, 2014, 06:48:34 AM »
Maybe he is in a low tax bracket now?

Offline Bostener

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Re: any accountants out there that i can ask a question?
« Reply #128 on: March 14, 2014, 06:57:19 AM »
Maybe he is in a low tax bracket now?

People are usually in a lower tax bracket when they retire then when they work.
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Online ckmk47

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Re: any accountants out there that i can ask a question?
« Reply #129 on: March 14, 2014, 09:10:01 AM »
People are usually in a lower tax bracket when they retire then when they work.
Not if he's on his way UP in income now, rather than near the mid-range / top of his earnings potential.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #130 on: March 14, 2014, 09:13:50 AM »
If you're headed into biglaw, there are two times you need to max out the  Roth: when you're a summer associate (IRA) and the stub year (401k). You should borrow extra to do this.

You should also do it 1L summer if you make anything

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #131 on: March 14, 2014, 09:24:20 AM »
If you're headed into biglaw, there are two times you need to max out the  Roth: when you're a summer associate (IRA) and the stub year (401k). You should borrow extra to do this.

You should also do it 1L summer if you make anything
good for you!

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Re: any accountants out there that i can ask a question?
« Reply #132 on: March 14, 2014, 10:53:12 AM »
If you care to share, what’s reason you decided to do a ROTH IRA and not the traditional IRA?
After all, in most cases the traditional IRA gets you a tax reduction now and the Roth gives you a possible tax reduction years down the road.

There are rare exceptions that the Roth is better than the traditional IRA.

I am in a lower tax bracket. I can not imagine that I will get taxed at a lower rate than now when I retire.

Also I generally prefer to take the hit now and know that it won't matter if the government keeps raising the tax rates I should be safe. (assuming they don't try and mess everyone with a roth over by changing the rules)

Although if I was in a much higher bracket I would consider the regular IRA instead.


If you're headed into biglaw, there are two times you need to max out the  Roth: when you're a summer associate (IRA) and the stub year (401k). You should borrow extra to do this.

You should also do it 1L summer if you make anything

Why? Because you can't max it out after you start getting your salary due to earning to much?

You can always put into a IRA and then do a conversion to a Roth IRA which is not dependent on your salary.

Offline henche

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Re: any accountants out there that i can ask a question?
« Reply #133 on: March 14, 2014, 11:08:13 AM »
I


Why? Because you can't max it out after you start getting your salary due to earning to much?

You can always put into a IRA and then do a conversion to a Roth IRA which is not dependent on your salary.

Because as a summer associate you earn ~30k for the year. After deductions, and tuition credit, etc, your tax rate will be only a few percent. If you put it into Roth, you pay that few percent, and then it grows tax free for the rest of your life. If you put it in pre-tax, then you'll end up paying whatever higher rate you have later.

good for you!

Well, to be fair, I didn't figure this out in time to do it for the summer year; only for the stub year. (And to be also fair, getting your first paycheck and it says "zero dollars" is not so awesome, even when you know it's all going into savings.)

Offline churnbabychurn

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Re: any accountants out there that i can ask a question?
« Reply #134 on: March 21, 2014, 06:23:19 AM »
Turns out its not so simple...The many paid preparer's on DDF dont have a clear answer....
Re, my passive k1 losses reducing the EIC question.

No one mentioned that the partnership losses are subject to basis and at risk limitations...:-[
 The guy had zero basis in his start up. Should be good to go!