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Message
Easiest way to perform a backdoor Roth
Posted on 2/3/17 at 1:01 pm
Posted on 2/3/17 at 1:01 pm
I have visited a few websites - what's easiest way to perform this involving vanguard or fidelity?
3
Posted on 2/3/17 at 1:45 pm to Gorilla Ball
Fidelity literally has a button that says Roth conversion. It's pretty simple. No idea about vanguard.
Posted on 2/3/17 at 2:28 pm to PillPusher
Thanks
Posted on 2/3/17 at 4:13 pm to Gorilla Ball
Vanguard has an exchange option, very easy to do as well.
I put $5500 on the first Monday and January into my Traditional IRA and on the Wednesday or Thursday that week I "Exchange" my shares to a Roth.
I put $5500 on the first Monday and January into my Traditional IRA and on the Wednesday or Thursday that week I "Exchange" my shares to a Roth.
Posted on 2/3/17 at 7:11 pm to Gorilla Ball
Posted on 2/4/17 at 8:23 am to BeaumontBengal
Thanks
Posted on 2/4/17 at 3:09 pm to BeaumontBengal
Thanks for the link! Glad you found it helpful.
Cheers!
-PoF
Cheers!
-PoF
Posted on 2/4/17 at 4:22 pm to PhysicianonFIRE
PoF--
how does Roth conversions affect the AMT if you are still below the level of paying the AMT? Just transfer the most amount to avoid paying the AMT, or wait a year or two until your pay raises make you pay the AMT (regardless of all tax deferred contributions you can make) and convert at that point?
how does Roth conversions affect the AMT if you are still below the level of paying the AMT? Just transfer the most amount to avoid paying the AMT, or wait a year or two until your pay raises make you pay the AMT (regardless of all tax deferred contributions you can make) and convert at that point?
Posted on 2/4/17 at 10:06 pm to Ric Flair
Tough to give a good answer without knowing your current and future tax brackets, etc...
My plan is to wait to convert until I'm retired and in lower tax brackets. If you will be in the same or higher brackets as a retiree, it wouldn't hurt to make some conversions now.
Of course, the future is unknowable, and tax brackets may change under the new administration.
Best,
-PoF
p.s. You know Ric Flair played for the Golden Gophers, right?
My plan is to wait to convert until I'm retired and in lower tax brackets. If you will be in the same or higher brackets as a retiree, it wouldn't hurt to make some conversions now.
Of course, the future is unknowable, and tax brackets may change under the new administration.
Best,
-PoF
p.s. You know Ric Flair played for the Golden Gophers, right?
Posted on 2/5/17 at 12:30 pm to PhysicianonFIRE
Does it become more complicated if you've contributed to a Roth (monthly), but then find yourself outside the income limits?
Posted on 2/5/17 at 1:59 pm to LSUtigerME
Yes, if you exceed the income limit and have made Roth contributions, you'll have to remedy the situation. Information on how to do that here @ Fairmark.
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