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Started By
Message
Back door Roth
Posted on 4/29/15 at 7:03 am
Posted on 4/29/15 at 7:03 am
My income is over the Roth contribution limit - I understand I can back door a Roth? Tia
3
Posted on 4/29/15 at 7:30 am to Gorilla Ball
Contribute to a traditional and then roll it over to a roth.
Posted on 4/29/15 at 7:47 am to tigeralum06
I have an sep-IRA
Do I have to max it out before I can roll over some contributions into a Roth?
Do I have to max it out before I can roll over some contributions into a Roth?
Posted on 4/29/15 at 9:02 am to white perch
No. You may have to roll it over to a traditional and then to a roth.
Posted on 4/29/15 at 10:08 am to Gorilla Ball
quote:
My income is over the Roth contribution limit - I understand I can back door a Roth? Tia
its way more complicated than that. If you have an existing traditional IRA and it has $$ in it, its hard.
Posted on 4/29/15 at 9:01 pm to Hawkeye95
quote:
its way more complicated than that. If you have an existing traditional IRA and it has $$ in it, its hard.
But if you do not, it's not much more complicated.
Yes, Hawkeye is correct. If you have other traditional IRA accounts, do the research first. If you do not, it's quite simple. Contribute to an after tax IRA and convert immediately after the funds clear. I do it annually.
Posted on 4/29/15 at 9:46 pm to Gorilla Ball
Should've done it a month ago and you could've done 2014 and 2015.
Start a Traditional and deposit max into it, roll to Roth. Keep that traditional open with $0 balance and do the same next year and every other year.
If you have a current Traditional somewhere else it is more difficult. If it only has a low balance its not a big deal.
Start a Traditional and deposit max into it, roll to Roth. Keep that traditional open with $0 balance and do the same next year and every other year.
If you have a current Traditional somewhere else it is more difficult. If it only has a low balance its not a big deal.
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