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re: Understanding traditional IRA deduction limits
Posted on 1/3/24 at 12:46 pm to HailToTheChiz
Posted on 1/3/24 at 12:46 pm to HailToTheChiz
I think you’re still subject to $6,500 yearly contribution max across all IRA accounts, right?
1
Posted on 1/3/24 at 12:49 pm to HailToTheChiz
If you already have Trad Roth you can't just do simple immediate backdoor. Pro rata rule applies and requires a proportionate amount of existing Trad IRA to be converted to Roth triggering tax on that portion of the conversion. SmartAsset: Pro Rata Rule
Posted on 1/3/24 at 12:54 pm to AllbyMyRelf
Annual contribution limit applies to new contribution. However, there is no limit to conversion from existing IRA balance.
To avoid pro rata rule on previous Trad IRA it is possible to rollover Trad IRA to employer 401k if plan allows it.
To avoid pro rata rule on previous Trad IRA it is possible to rollover Trad IRA to employer 401k if plan allows it.
Posted on 1/3/24 at 12:55 pm to TorchtheFlyingTiger
Got it thanks
Posted on 1/4/24 at 10:54 am to TorchtheFlyingTiger
Does the mega backdoor roth have the same prorata rules?
I have a trad IRA, roth IRA and work 401k plan. I typically max the 401k but continue contributing to Default After -Tax account and rollover that money once a year to my roth account.
Am I screwing myself by doing that? Also, any benefit in a normal backdoor vs the mega-backdoor?
I have a trad IRA, roth IRA and work 401k plan. I typically max the 401k but continue contributing to Default After -Tax account and rollover that money once a year to my roth account.
Am I screwing myself by doing that? Also, any benefit in a normal backdoor vs the mega-backdoor?
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