This is a quick how-to video on performing a Backdoor Roth IRA with Fidelity. I’ve been contributing to my Roth IRA via the backdoor method for several years now, and I’ve run into several issues that I didn’t know how to solve. I wanted to share what I did so that when you do your own backdoor Roth IRA, you don’t run into the same issues as me.
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Chapters:
00:00 Introduction & Disclaimer
00:40 Why get a Backdoor Roth IRA?
01:21 Perform a Roth Conversion from Traditional IRA to Roth IRA
02:36 Confirming Options and Tidying Up
03:46 Still Having Problems?
04:03 The Solution
04:34 Conclusion
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Disclaimer: I am not a financial advisor, accountant, or lawyer. I do not provide financial, tax, or legal advice. This video, and any ideas presented in it, are opinions and are provided for entertainment purposes only. Please do your own research and consult your own financial or legal professional for specific advice.
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How do you plan on doing your backdoor Roth IRA this year?
Stan I’m new to this so I’m sorry for asking but we can ONLY contribute a maximum of $6,000 to our ROTH IRA right? Do we get a penalty of we can only do $4,000?
This is very helpful. Quick question, if I do a backdoor IRA by opening a traditional IRA, depositing 6k with post-taxed money, then do a conversion to Roth IRA, I will NOT get taxed again right? Did you do this and can you confirm that you did not get double-taxed?
So if I’m understanding right when you transfer into your traditional you don’t actually invest. You wait till you transfer it to the Roth and then invest? I just opened a traditional the other day and started putting money in. Ill be over the income limit so I figured at the end of the year if just convert 6k to Roth and pay taxes on any gains. Will this work and it’s just extra paperwork?
Does this mean that after I max out at $6000 in Roth IRA contribution, I can deposit in traditional IRA another $6000 to transfer to Roth IRA when the bank clears it? Then I will have $12000 total in my Roth IRA?
What if I open a sep ira and my wife does a back door Roth IRA for herself? Will that create issues since we’ve have both a sep Ira and Roth IRA as a married couple?
Thanks for the awesome video. Just to clarify, so if I wanna have monthly contribution instead of one time max contribution, I should be funding the traditional IRA account then transferring that over to Roth IRA manually ASAP every month and keep the traditional IRA at $0 right?
Hi There, I am was able to do the first step of Transferring to Traditional IRA, but as you have indicated it went to SPAXX[CORE POSITION] – but when I am trying to switching, I can see only FDRXX [Fidelity® Government Cash Reserves] – Is this the same thing like the one you were referring. Can you please highlight your symbol code. Its been there 3 business days….after my transfer….I am trying to avoid accruing any interest while its in the Traditional IRA account.
Hi, thanks for putting this video together. At the end of the video you talked about changing the sweep holdings of your brokerage account from the SPAXX money market account to an FDIC savings account. I think I would like to do the same but I do not see where on Fidelity I would make that change. Could you point me in the right direction? Thanks