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re: Roth IRA income limit
Posted on 11/18/20 at 12:18 pm to Simon Gruber
Posted on 11/18/20 at 12:18 pm to Simon Gruber
You can either do a backdoor or file an 8606 to reclassify it as a non deductible contribution.
The tricky part with backdoor is you have end up with the pro rata rules which take into account all non Roth monies. You can’t pick and choose which dollars. It’s a percentage or you can do all at once, which might not make sense. It’s a PITA
The tricky part with backdoor is you have end up with the pro rata rules which take into account all non Roth monies. You can’t pick and choose which dollars. It’s a percentage or you can do all at once, which might not make sense. It’s a PITA
2
Posted on 11/18/20 at 12:27 pm to TigerDeBaiter
My account is with Vanguard. Can they take care of these things?
Posted on 11/18/20 at 12:45 pm to TigerDeBaiter
quote:
The tricky part with backdoor is you have end up with the pro rata rules which take into account all non Roth monies. You can’t pick and choose which dollars. It’s a percentage or you can do all at once, which might not make sense. It’s a PITA
It's literally one of the easiest retirement things to do.
Contribute $6,000 into your traditional IRA's money market.
It will take a day or two to season.
Click the convert to Roth IRA button.
Direct the $6,000 into the Roth IRA's fund of your choice.
That's it.
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