Backdoor Roth Conversion TIMING + TAXES

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Опубликовано:

23 янв 2023

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Комментарии : 15

@ajitaraut5504 Год назад

Thank you Travis for such a great explanation again.

@kittendkat5100 10 месяцев назад

Currently it is October 5th, 2023. So if I have already completely funded my traditional IRA for this year but wait until February 2024 to convert it, that would mean I would NOT be able to make ANY 2024 IRA contributions at all! Because the conversion (of the 2023 contributions) itself would be treated AS the 2024 contribution. Right? I would be heartbroken knowing I lost a year based on unforeseen timing.

@TravisSickle 10 месяцев назад

no, that's not right. conversions are not contributions.

@mlo9534 Год назад

I'm confused. So if I fund my 2022 Traditional IRA, when I backdoor it will credit it to my 2023 Roth IRA??? Help.

@bradalanfoster 11 месяцев назад

i made the non-deductible contribution to my IRA, then converted to Roth a couple weeks later. but a couple days after the conversion, schwab paid $0.64 of interest into my IRA, so now I have a 64 cent balance in my IRA instead of 0. i was thinking about just withdrawing that $0.64. is that gonna make my tax return more complicated? i use hr block to file my taxes

@littlemjisnear7511 Год назад

I live in Florida - why Utah over Florida 529 Plan?

@Oroj1525 Год назад

Can you explain the conversions being on the year they are made a little further. If i have to re-characterize my 2022 roth in 2023 before tax day due to excess and convert again to roth. does that mean i cannot convert my 2023 traditional in 2023 to my roth?

@TravisSickle Год назад

You can convert whenever you want, it’s taxed in whatever year you convert.

@mkhatame86 22 дня назад

Still confused

@TravisSickle 20 дней назад

what's the question?

@harini7271 6 месяцев назад

I need some help. I had an ex employer contributing 100 % my pension fund when I worked there . I had the option to rolling it over to ira which I did . Now I am looking to convert it to roth Not sure if this is considered as pretax or post tax deduction. Pls note that I did not contribute to it. Only invested into funds after i rolled over to traditional ira

@samirw1113 Год назад

my spouse and I overcontributed to our Roth IRA due to our MAGI being too high. we are recharacterizing both of our 6k contributions to a traditional IRA and then converting back to a Roth IRA. i assume we will need to file a 8606 form with our taxes to show our non-deductible contribution. My only question is that, will this conversion affect my 2023 contributions to my ROTH ira? Will I still be able to contribute the 6500 max for 2023?

@TravisSickle Год назад

July 12, 2023