Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




Back Door Roth

Reply to topic
Money Talk > Retirement Planning

Author Thread
kellen2811
Member


Cash: $ 5.20

Posts: 24
Joined: 06 Aug 2009

Back Door Roth  Reply with quote  

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
Post Tue Jun 24, 2014 2:51 pm
 View user's profile Send private message
blixet
Preferred Member


Cash: $ 32.55

Posts: 156
Joined: 28 Apr 2013
Location: Southern California
 Reply with quote  

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
Post Tue Jun 24, 2014 3:54 pm
 View user's profile Send private message
kellen2811
Member


Cash: $ 5.20

Posts: 24
Joined: 06 Aug 2009

 Reply with quote  

Yes Non deductible is what I meant

Kellen
Post Tue Jun 24, 2014 4:42 pm
 View user's profile Send private message
Publius
Preferred Member


Cash: $ 31.00

Posts: 151
Joined: 12 Oct 2012
Location: Georgia
 Reply with quote  

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.
Post Wed Jun 25, 2014 1:58 am
 View user's profile Send private message

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016