Backdoor Roth IRA Explained #backdoorroth

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Mrs Dow Jones

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Martha didn't go to prison for tax fraud. She was guilty of insider trading. She had secret information that she knew would cause a stock to fall, so she sold it ahead of time. Had nothing to do with taxes.

Also, you forgot to mention that the limit on annual contributions for those 50 and over is $7500.

Lastly, you're unlikely to go to jail for tax fraud if you don't file the proper paperwork, since you don't get much of a benefit from it. If anything, it could hurt you as it may subject you to RMD's and double taxes upon distribution you otherwise wouldn't have if Uncle Sam/IRS knew you converted your Traditional IRA contributions to Roth. Definitely a good idea to follow the law on this one for more than one reason.

You also didn't mention that $153k is for single filers, and $228k is for married filing jointly. I feel like this is an important detail.

Overall, your video was fun and I enjoyed your presentation. Thanks

braceyourselvesfortruth

Hello! Super helpful! What happens when I want to do this the next year? Can I use my same Roth and Non-IRA to repeat the process or should I mechanically reopen two accounts every year?

benjamindalusma

Last year 2023, I deposited $6.5k in my traditional IRA and converted backdoor into RothIRA, however after conversion I came to know the traditional IRA earned 1c in the account. Right now my Traditional IRA has 1c balance.
My question is: For the current year should I transfer $6999.99 to Traditional IRA and move the total balance ($6999.99 + .01 = $7k ) to RothIRA or I should keep that 1 cent untouched in Traditional IRA and fund additional $7k in Traditional IRA and then covert $7k it to Roth.
Will I have any penalty situation here either way?

babban

Mr Dow Jones Newb here: So am I doing this (creating traditional IRA and RothIRA accounts) every year? Or is it like once I have the traditional I just deposit 6500 every year and transfer every year to the same accounts?

paulutato

What if my traditional Ira has a million bucks in it? Can I still transfer my contribution into the IRA then into the Roth, leaving a million bucks in the traditional?

BW-kvwj

This called a Roth conversion it’s not a trick lol

Kentuckybrothershooting

Backdoor Roth IRA Explained #backdoorroth

Backdoor Roth IRA Explained #backdoorroth

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