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re: Roth IRA
Posted on 6/9/21 at 1:20 pm to SlowFlowPro
Posted on 6/9/21 at 1:20 pm to SlowFlowPro
quote:
i really get mad at myself for not investing in my roth and HSA earlier
Same here. Bought lessons are the best kind.
I opened a Roth IRA for my 12 and 16 year old a few months ago and deposited their babysitting money as their earned income. I’m determined to set them up better than I was.
0
Posted on 6/9/21 at 1:26 pm to thunderbird1100
quote:
Still can through backdoor method
I think so am smart but can never fully grasp the operational process for this or the reconciliation back to the IRS. That said, Roth IRAs are not my area of study or practice.
This post was edited on 6/9/21 at 1:27 pm
Posted on 6/9/21 at 2:16 pm to glorymanutdtiger
quote:
I'm not an expert but everyone keeps telling me to start roth IRA. Overall consensus was it is a good thing.
Ii'm thinking of opening one. I don't need the money till retirement. Is there anything that say's not worth opening it?
Thank you
Roths are for peasants
Posted on 6/9/21 at 3:26 pm to Abstract Queso Dip
quote:
correct. That is a taxable event... contribute to IRA, do roth conversion. Don't forget about the taxes.
When you do this backdoor transaction, do those funds count toward your standard $6K per year contribution limit?
Posted on 6/9/21 at 6:51 pm to Abstract Queso Dip
quote:
Roth IRA
correct. That is a taxable event... contribute to IRA, do roth conversion. Don't forget about the taxes.
Depends. If you have no other traditional/rollover ira (pre-tax contributions), then you can do a backdoor roth and it's not a taxable event.
Posted on 6/10/21 at 4:31 am to whodatigahbait
I fully expect the Feds to tax all these ROTH accounts at some point in the future. I don't trust the bastards and they sure don't mind ramming double taxation up your arse.
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