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Backdoor ROTH IRA conversion?
#5
(02-17-2021, 04:10 PM)ChadR Wrote: I have a few clients that do this.  One thing, make sure that you don't intermingle this with other Traditional IRA accounts before you convert.  If you don't have any other trad IRAs it's the easiest and cleanest way to do it.  You can make the conversion the same day, but how long it has to be in the IRA before converting to a ROTH is mainly determined by who your IRAs are with.  Some companies make you wait a day or up to a week.  Have the money sitting in cash while in the IRA.  Don't try to make a quick buck if they make you wait for a week.  And as always the CYA, "Talk to your tax advisor for more details and to see if this will work for you."


Thanks Chad!  Yeah I don't have a traditional IRA account so this should be clean and easy.  I'm really looking forward to doing this.
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Messages In This Thread
Backdoor ROTH IRA conversion? - by ken-do-nim - 02-17-2021, 07:41 AM
RE: Backdoor ROTH IRA conversion? - by fenders53 - 02-17-2021, 10:13 AM
RE: Backdoor ROTH IRA conversion? - by ken-do-nim - 02-17-2021, 01:21 PM
RE: Backdoor ROTH IRA conversion? - by ChadR - 02-17-2021, 04:10 PM
RE: Backdoor ROTH IRA conversion? - by ken-do-nim - 02-17-2021, 04:16 PM



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