Sorry in advance - this is off topic but I'm super stressed and
@SouthFayetteFan I need your help.
On 12/30, I did a non-deductible IRA to Roth conversion for both DH and I. Now I'm worried about the massive tax implications of this. I had two years worth of contributions and gains for each of us. So I should be able to do form 8606 to report the contributions for both years, right (I max each year for each of us)?
The forms that Fidelity generated for tax year 2019 say a taxable income of $19,xxx for me and $23,xxx for DH. So on the surface this has raised our taxable income by around $43k more... I max my tax advantaged vehicles (401k, 403b, HSA and I'm screwed by the SALT change if that matters). But this would be before taking into account the money I put in already taxed. ($5,500 for '18 and $6,000 for '19).
Basically I'm worried I'm going to have something like a $20k tax bill. Now silver linings here; 1) I CAN pay this, and 2) I can get credit card bonuses out of it and 3) I won't have to face this tax bill in old age but I'm still really upset and I think DH is mad but won't say so. So what have I forgotten here or screwed up in my FI plans?