I have a traditional IRA and want to do “back door Roth”

Spread the love
  • This topic is empty.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #86313 Reply
    Julie

      Are there limits to how much you can roll over each year or best time when you should do it?

      Thanks.

      #86314 Reply
      Christopher

        Limits are how much you can afford for taxes. Best time of year is when gains are minimal to minimize taxes.

        #86315 Reply
        Amy

          You want to do a backdoor Roth conversion or you just want to convert your tIRA to Roth IRA? The backdoor is a specific maneuver that requires all pre-tax IRAs be empty.

          I’m going to guess you want to convert your tIRA to Roth IRA. If your tIRA contains only pre-tax dollars, you’ll owe tax on the full amount converted to Roth. If you have a mix of pre-tax and post-tax dollars in the tIRA, you’ll be subject to the pro-rata rule when converting, which means you’ll owe tax proportionate to the pre-tax dollars that are in the tIRA.

          Don’t miss: Contributing to IRAs in retirement? Doable?

        Viewing 3 posts - 1 through 3 (of 3 total)
        Reply To: I have a traditional IRA and want to do “back door Roth”
        Your information:




        Spread the love