kellen2811
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Cash: $ 5.20
Posts: 24
Joined: 06 Aug 2009
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| Back Door Roth |
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Just wondering if anyone has any experience in doing back door roth conversions from a non traditional IRA. I make to much money to contribute to an IRA or a Roth IRA currently. I have maxed out my 403b contributions with 17,500 per year. I am also contributing 1000 to a taxable brokerage account monthly. The only part that I am having a problem with is getting money into non taxable retirement account. Any suggestions on how to do this or a good company to go with? My current 403b and brokerage account is through vanguard can I do the conversion through this account?
Also I have no other IRA accounts. Everything is in 401k and 403b currently.
Any suggestions on how to do this so I can get the 500 into a Roth?
Never heard of this before the other day when I was looking for more ways to put money away.
Thanks
Kellen
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Tue Jun 24, 2014 2:51 pm |
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blixet
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Location: Southern California
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Not sure what you mean by non-traditional IRA, but, the standard back door Roth would be to first contribute to a non-deductible traditional IRA then convert that to a Roth. Ideally, you convert it ASAP so that there are no gains on which to pay taxes.
Information is more valuable sold than used – Fischer Black
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Tue Jun 24, 2014 3:54 pm |
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kellen2811
Member
Cash: $ 5.20
Posts: 24
Joined: 06 Aug 2009
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Yes Non deductible is what I meant
Kellen
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Tue Jun 24, 2014 4:42 pm |
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Publius
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Location: Georgia
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If you have a relationship with vanguard, I would suggest going through them. If you contact your acct representative (there's an 800 number or I think you can even initiate chat on the website), they will be happy to walk you through it. When I wanted to transfer an Ira and brokerage account to vanguard, I called them and told them what I wanted to do and from which company and they handled all of the paperwork except the signature.
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Wed Jun 25, 2014 1:58 am |
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