Hey Sailingfun, were you at the C44 recall meeting? I thought I saw you there.

 

PBS is currently locked for OCT bid run. When it opens up, I'll look at the reasons, and hopefully that 'll shed some light on this. I'm mostly hoping that I don't fly a full month in OCT, as I have Vacation coming next month as well. Not too senior in my seat, if it's not obvious. I didn't complain about SEP, as I didnt have anything planned. OCT…different matter.

 

I am on reserve this month and got a message on my cell from scheduling giving me 30 hours of rest. The message said "this is one of those that you have to acknowledge".

I thought all requirements to acknowledge were gone. And that I only had to tell them if I was unable to get my rest.

So does anyone know if this really has to be acknowledged and if so where is it written.

Thanks,
Capt. Hook

 

No need to talk to anyone about the back door Roth Conversion. Completely legal and ridiculous loophole in place since 2010...easy to exploit on your own. If you do your own taxes, just make sure you read and answer all IRA questions correctly when filing so you don't improperly pay extra tax or penalties.

1. Deposit money into a traditional IRA on a Monday. I have an empty account I call "non-deductible traditional IRA" to receive these finds every year.
2. Let it settle for a day or two.
3. Convert all of that money to a Roth IRA on day three.
4. Take note of any earnings you made in the 2-3 days the money say in the first account. This is the only money you still owe taxes on, since the original deposit you made to your NON DEDUCTIBLE Traditional IRA is all after-tax money.

Normally, a non-deductible traditional IRA would be non-sensical. It only makes sense in this case as a starting point to eventually get money into a ROTH...for someone or a couple who otherwise makes too much money to contribute directly to a Roth or traditional IRA.

 

This only works if you have NO CURRENT TRADITIONAL IRAs. Do not fall into the trap if you do already have some traditional IRA money because you can only convert on a pro rata basis.

 

Not true. I use a separate account and don't mix the funds.

 

Ooops...I guess I don't do that since you are right. Good catch. Since 2010, I have had zero balance in traditional IRAs, so this didn't affect me.

Any new hires could think about converting any traditional IRAs in their first/low-income year in prep for higher tax brackets later. Who knows if this back door will remain, but my hunch is that tax rates will be going up. And I'm an anonymous internet poster, so you should really listen to me!!!

 

There's a way around the proration problem, too: roll over the full balance of the IRA into a 401(k), then roll the after-tax portion back out into a Roth IRA. That gets your before-tax balance into a tax-deferred account (i.e., no current taxes due), and zeroes out your IRA balance for future "back door" Roth contributions.

 

You guys sure do go to a lot of trouble "managing your portfolios" with all the machinations mentioned in the last few pages. It's going to be all for naught when the government confiscates your IRA/401Ks in a few years...

 

What carrier is DS in Travelnet? I'm trying to get home on an Endeavor flight and there are a couple DS guys less senior to me on the list. Will they travel S3 or S3B like me? Might make a difference between a nice commute home and enjoying a night in the DTW econolodge...