Back door Roth IRAs- I've been thinking of doing this. I read somewhere that

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Sep 8, 2020
12:28:27pm

kolob32 All-American

Back door Roth IRAs- I've been thinking of doing this. I read somewhere that

when the traditional ira is converted that taxes are owed pro-rata and any IRA account you have will be taxed pro-rata? Can someone confirm this?

I am just wanting to do the max ira contribution $6k for me and my wife. I have about 200k in an IRA. How would taxes impact that?

I read if you roll your IRA to your 401k, then there are no pro-rata taxes that would impact your IRA. Is that correct?

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kolob32

Bio page: kolob32
Joined: Nov 27, 2013
Last login: Apr 23, 2024
Total posts: 4,614 (53 FO)

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Messages

Author

Time

Back door Roth IRAs- I've been thinking of doing this. I read somewhere that

kolob32

9/8/20 12:28pm

Talk to your accountant or tax guy but here is an article on it.

Baron

9/8/20 12:31pm

Thx. Very helpful.

9/8/20 12:40pm

thanks for the article, any idea how to apply it to my situation? I am planning

kolob32

9/8/20 3:10pm

Yes, I think that's correct

RexIdaCoug

9/8/20 12:31pm

Yes. Best bet is to roll ira into a 401k. The start backdoor Roth.

jvquarterback

9/8/20 9:56pm

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