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What should I do in this situation? Brokerage to Roth?
Posted on 4/9/20 at 12:23 pm
Posted on 4/9/20 at 12:23 pm
I've contributed about $10k to a Vanguard brokerage account in 2020. As you might imagine stock I've purchased is down a bit.
I was wondering if it makes sense to sell the stock now and xfer the cash to an IRA and then backdoor it to a Roth IRA only to buy the stock again? Is this mechanism possible? What are the downsides?
I was wondering if it makes sense to sell the stock now and xfer the cash to an IRA and then backdoor it to a Roth IRA only to buy the stock again? Is this mechanism possible? What are the downsides?
This post was edited on 4/9/20 at 12:25 pm
Posted on 4/9/20 at 4:04 pm to Clint Torres
Could you not just transfer from your brokerage straight to your Roth? What would be the purpose of going to the IRA and then back dooring the Roth?
Posted on 4/9/20 at 4:05 pm to sandwolf
I assume he's above the limits to put directly into a ROTH
Posted on 4/9/20 at 4:54 pm to JohnnyKilroy
quote:
I assume he's above the limits to put directly into a ROTH
correct..
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