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Home Forums Financial Markets/Economics Finance Gurus: rollover of 401k and Roth 401k accounts

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  • 300Mil people in the US, assume family of 4 – divide by 4 for number of tax returns.
  • Assume each tax return raw data takes 1 Megabyte (much more than needed – not storing web page or photocopy, just the numbers entered.)

    (300E6 / 4) * (1E6) / 1E12 = 75*1 Terabyte drives, or 19*4 terabyte drives.

    This size of storage assumes the record of income earner is tracked, not top 20% or so.

    No, I’m not paranoid. It might be easier if that was the case. Having been a Gov Contractor, I have seen some of the tracking. Google’s RAID/storage system gives an idea of what is actually possible. Google processes over 20 PB per day (1 PB = 1E15). I’ll let you work the math on how much they have in storage. This big-data world is getting a little weird and Orwellian.

    search for ‘petabyte’.

    Oh yes, a nit to pick –
    [quote=SK in CV]Those cumulative non-deductible contributions are supposed to be reported on tax returns every year (on form 8606), even if no new non-deductible contributions have been made for the tax year.[/quote]
    Check instructions – Part 1 on form 8606. Complete this part only if one or more of the following apply.

  • You made nondeductible contributions to a traditional IRA for 2016.
  • You took distributions from a traditional SEP, or SIMPLE IRA in 2016 and you made nondeductible contributions to a traditional IRA in 2016 or an earlier year.….
  • You converted part, but not all of your traditional, SEP, and SIMPLE IRAs to Roth IRAs in 2016…

    Part II is on conversions.
    Part III is on distributions from Roth IRAs.

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