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Backdoor Roth IRA
Posted by: space-time
Date: December 31, 2020 10:29AM
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Re: Backdoor Roth IRA
Posted by: NewtonMP2100
Date: December 31, 2020 10:42AM
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Re: Backdoor Roth IRA
Posted by: Bixby
Date: December 31, 2020 11:21AM
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Re: Backdoor Roth IRA
Posted by: Sarcany
Date: December 31, 2020 12:23PM
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Re: Backdoor Roth IRA
Posted by: space-time
Date: December 31, 2020 12:25PM
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Re: Backdoor Roth IRA
Posted by: space-time
Date: December 31, 2020 12:26PM
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Re: Backdoor Roth IRA
Posted by: NewtonMP2100
Date: December 31, 2020 12:27PM
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Re: Backdoor Roth IRA
Posted by: GGD
Date: December 31, 2020 12:37PM
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space-time
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Bixby
Still will have to pay taxes on it.
Taxes were already paid when I put it into IRA, so I don't want to pay taxes again when I take it out later.
Re: Backdoor Roth IRA
Posted by: Michael
Date: December 31, 2020 12:41PM
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Re: Backdoor Roth IRA
Posted by: space-time
Date: December 31, 2020 12:44PM
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Re: Backdoor Roth IRA
Posted by: Sarcany
Date: December 31, 2020 01:21PM
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Re: Backdoor Roth IRA
Posted by: Ammo
Date: December 31, 2020 01:47PM
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Re: Backdoor Roth IRA
Posted by: space-time
Date: December 31, 2020 03:21PM
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Ammo
Thanks, Spacetime! I was under the impression that I had until April 15 to do this!
My biggest motivation for converting some of my traditional IRA to Roth is for my kid’s eventual benefit.
Re: Backdoor Roth IRA
Posted by: Michael
Date: December 31, 2020 03:38PM
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space-time
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Ammo
Thanks, Spacetime! I was under the impression that I had until April 15 to do this!
My biggest motivation for converting some of my traditional IRA to Roth is for my kid’s eventual benefit.
To be honest, I am not 100% when is the deadline. Yes, you have until April 15 to make a contribution for the previous year, however, I am not sure when is the conversion. I suspect the deadline was today.
Re: Backdoor Roth IRA
Posted by: stephen
Date: December 31, 2020 04:19PM
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Re: Backdoor Roth IRA
Posted by: space-time
Date: December 31, 2020 04:25PM
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Re: Backdoor Roth IRA
Posted by: Ammo
Date: December 31, 2020 05:05PM
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space-time
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Ammo
Thanks, Spacetime! I was under the impression that I had until April 15 to do this!
My biggest motivation for converting some of my traditional IRA to Roth is for my kid’s eventual benefit.
To be honest, I am not 100% when is the deadline. Yes, you have until April 15 to make a contribution for the previous year, however, I am not sure when is the conversion. I suspect the deadline was today.
Re: Backdoor Roth IRA
Posted by: Michael
Date: December 31, 2020 05:52PM
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Ammo
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space-time
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Ammo
Thanks, Spacetime! I was under the impression that I had until April 15 to do this!
My biggest motivation for converting some of my traditional IRA to Roth is for my kid’s eventual benefit.
To be honest, I am not 100% when is the deadline. Yes, you have until April 15 to make a contribution for the previous year, however, I am not sure when is the conversion. I suspect the deadline was today.
You are right. I wanted to convert money from an existing regular IRA to a Roth IRA. The Fidelity advisor I spoke to said for the 2020 tax year I must do that before end of market today.