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ROTH IRA limits
Posted on 7/11/18 at 10:52 am
Posted on 7/11/18 at 10:52 am
My wife and I are approaching the limits for contributing to a ROTH IRA. For those of you who have reached these limits, which retirement vehicles have you gone to once you are no longer able to contribute to a ROTH? Am I able to still contribute to a ROTH, but at reduced rates? Any advice that's given will be greatly appreciated.
6
Posted on 7/11/18 at 10:56 am to Hammond Tiger Fan
You can contribute post tax money to a 401k and then roll it into a Roth. No limits. My 401k plan allows 2 conversions per year.
This post was edited on 7/11/18 at 10:59 am
Posted on 7/11/18 at 11:22 am to Hammond Tiger Fan
I go to a tax managed mutual fund because I put more than allowed in a non-deductible IRA. Also I have a rollover IRA I would have to covert if I did the Roth conversion so that’s out
Posted on 7/11/18 at 4:44 pm to Hammond Tiger Fan
Google backdoor Roth IRA
Posted on 7/11/18 at 10:23 pm to weagle99
quote:
can contribute post tax money
Pre?
Posted on 7/12/18 at 1:18 pm to Hammond Tiger Fan
You can still contribute it just takes a little more work. Not much though. Just backdoor it
Posted on 7/13/18 at 9:57 am to hottub
quote:
You can still contribute it just takes a little more work. Not much though. Just backdoor it
Care to elaborate?
I’m very close to the household limit. Am a little skittish about putting money in a ROTH should I go over soon.
Posted on 7/13/18 at 11:33 am to Kreg Jennings
quote:
I’m very close to the household limit. Am a little skittish about putting money in a ROTH should I go over soon.
Shouldn't you keep doing what you're doing until you are actually over the limit?
ETA: and i've never done the back door method but my understanding is that you sell your IRA shares, then instead of pulling it out, you transfer to the market account and then transfer straight to your Roth Account
so you essentially have bought the IRA shares and rolled them into the Roth...what i have been confused on is if you actually deduct the IRA purchase on that year's taxes?
This post was edited on 7/13/18 at 11:38 am
Posted on 7/13/18 at 11:40 am to Kreg Jennings
It is called backdooring. You basically contribute to a traditional IRA and at the end of the year roll that over into your ROTH. It is post tax money. How is your 401k set up? Maxing our the personal contribution?
Posted on 7/13/18 at 1:51 pm to hottub
is the backdoor limit to the roth still only $5500 for the year?
Posted on 7/13/18 at 3:03 pm to Hammond Tiger Fan
Backdoor Roth or VUL (no limit)
Posted on 7/16/18 at 3:31 pm to Zoltan
quote:
is the backdoor limit to the roth still only $5500 for the year?
No limit
I did my first backdoor conversion a few weeks ago. Doing another in December.
This post was edited on 7/16/18 at 3:33 pm
Posted on 7/17/18 at 3:42 pm to Hammond Tiger Fan
If you aren't at Max 401k contributions, you can up that to lower your taxable income amount which would put you further from the limit.
Posted on 7/17/18 at 7:08 pm to hottub
quote:
You basically contribute to a traditional IRA and at the end of the year roll that over into your ROTH.
I would suggest doing the conversion as quickly after funding the traditional as possible to avoid paying tax on the earnings
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