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re: American middle class families must really not be saving any money.
Posted on 3/19/23 at 11:06 pm to deeprig9
Posted on 3/19/23 at 11:06 pm to deeprig9
quote:
So more than three clicks. And I do have to pay tax penalties on it. Thanks for nothing?
I’ve been using the back door method for serval years now but I never had an IRA to start. I remember trying to do one for my wife but we would have had to covert her IRA to another account and pay taxes on it.
1
Posted on 3/19/23 at 11:09 pm to Rize
quote:
I’ve been using the back door method for serval years now but I never had an IRA to start. I remember trying to do one for my wife but we would have had to covert her IRA to another account and pay taxes on it.
Exactly. I have researched the shite out of this, consulted the heralded money-board here, and there's no three-click method to get money into a Roth IRA without getting raped by the IRS on your current holdings, if you already have IRA's.
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