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re: How often do you make contributions to your portfolio?
Posted on 1/11/17 at 1:23 pm to Gorilla Ball
Posted on 1/11/17 at 1:23 pm to Gorilla Ball
quote:
Gorilla Ball
I visited my advisor today to fill out the paperwork for my backdoor Roth. This will be my second year to do so. Basically you contribute $5500 to a traditional IRA. Once those funds are settled, your broker moves the funds to a Roth. You don't claim the $5500 as a deduction on your 1040, and you also have to sign a Form 8606 and send in with your tax return. It's pretty painless, I was clueless about the whole thing up until last year. Last year I had actually bought into a Mutual Fund inside the Traditional and in the 3 days it took for the money to move to the Roth, it actually lost about $20, so I didn't have to pay any additional taxes. This year I will leave the full $5500 in cash in the traditional and invest it once it hits the Roth.
It's a pretty common practice these days and a really ridiculous set of hoops to jump through. But that's government.
Posted on 1/11/17 at 10:49 pm to slinger1317
Thanks for this information
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