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Backdoor Roth IRA [Rollover Traditional IRA to Roth IRA]
–IRA vs Roth IRA Video➜
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Does back door Roth IRA count towards your income and affect your ACA health insurance?
Thank you! This was very helpful!
Maybe I missed something, but this is not what I understand to be a "backdoor Roth". This is just a conversion.
Thank you so much, it's so helpful!!
Hi I am 73 years old and I want to transfer my traditional IRA many in to Roth IRA I have vengard account
Don’t quite understand. What amount is considered in terms of tax bracket? Let’s say I contributed $10k and my company matched $2k, the account has grown to $20k, with $8k gain. If I move $20k to Roth, the $20k is going to be considered my additional income?
thank you ..if I trade (options) in my roth IRA brokerage account..are gains taxable ?
Thanks for the video, Tiffany! I have a question about doing this with a SIMPLE IRA. If I've contributed 25K to SIMPLE IRA and have waited 2 years, can I:
1) Move some or the entire amount into a Roth IRA?
2) Do I need to set up a Traditional IRA to do this?
3) Is any of this subject to the Aggregate rule?
So I'm 74 can I roll over $9,000 from a traditional IRA to an established Roth IRA with no problems and without having to wait the five years?
Great content
Great content
WHEN YOU DO A ROLLOVER TO THE ROTH WITH DIVIDEND STOCKS. CAN YOU STILL WITHDRAWAL DIVIDENDS AND PAY NO TAXES WITH OUT SELLING THE STOCKS ?. THANKS
I started a Roth IRA at TRowe Price in 2007 and also had a 401K with another firm. In 2010 I had to rollover the 401K into an IRA because I lost my job. So now I have both a Roth IRA and an IRA with TRowe Price. I want to switch to Vanguard, can I roll them both over into one Roth with Vanguard?
Pls create a video on how to decide between traditional ira vs Roth. Simple calculation.
Hi. At 3:50. How do you figure out how much your full taxable earnings is going to be before the end of the year so that you know how much room you have to roll over to your Roth? You really do not know the final reported earnings (income plus interest, dividends, etc) until the year is over?
What are some reasons why the money used to pay the conversion taxes should come from the IRA account itself?
5 years?
Great video. Thank you for making things easier to understand. I have a couple of questions which weren't covered in this video.
1. You mentioned that when there is a rollover from traditional IRA to Roth, there would be taxes on both the contribution and the gains. What are the tax implications when the money contributed to the traditional IRA was post-tax dollars in the first place? Do we get double taxed on the contribution?
2. Let's say a few investments were made in the traditional IRA account using post tax dollars. What happens when we rollover the entire contents (contribution + assumed gains) of the traditional IRA 2 weeks later into the Roth IRA? Are there any implications tax-wise or otherwise?
Thanks again for the informative video, cheers!
Thanks for your informative video. I am over 59 1/2 of age and am considering gradually converting my traditional IRA to a Roth IRA. I am on a fixed income (now retired) so I pretty much know what my income is going forward. You mentioned that the 5 year wait period for Roth conversion applies to those who are under age 59 1/2. I am over that age so I assume that if I convert some of my IRA to a Roth account I would not incur a tax penalty if I had to unexpectedly withdraw money from the Roth. Correct?
Hey Tiffany! Thank you for sharing this. 1. What's the difference between Backdoor IRA and the conversion ladder method?
2. Would it be a good idea to contribute to SEP IRA or Solo 401k first to write it off and then use the tax savings now towards making more money with business or investment than paying tax now with Roth IRA?
Many thanks!
Hi Tiffany! Thank you for the video. I have a high amount in my traditional IRA from my credit union and would like to transfer it to my Roth IRA from TD Ameritrade. I am a Chef and lost my job due to covid. While I was working I was making over six figures… now that I'm unemployed, would it be a good idea to transfer to my Roth. Thank you!
Is SEP IRA part of the 58,000 max retirement limit set by IRS for IRA's and 401k's etc?
What if I'm currently contributing to a Roth IRA, but in 5 years I'm making far more than the allowed 137k? Will I be able to create a traditional IRA account, fund it, and use the backdoor Roth rollover to continue my contributions to my Roth IRA? Hope I'm making sense! Thanks!
If I have 20K in an old 401K can I roll the 20k into a rollover IRA and then move the 20K into a roth IRA (or just the 6k per year)?
I have a traditional Ira since 3 years but I think it is better for me to rollover to a Roth. Would be better for me to do it now? My tax bracket has been very low all the years but I open a traditional because I didn’t know better at this time.
Can I make my own ROTH IRA? Or Do I have to go to a brokerage firm…Thanks
Tiffany .. good content. I want to do backdoor Roth IRA and planning to transfer after tax dollars $6000 into traditional Ira and then immediately into Roth IRA. I don’t have to pay any taxes in this scenario . Correct?
Hi Tiffany! What an awesome video. Thank you. My question is, what if I already have a Roth IRA and I am contributing $6k per year. Can i start a Traditional IRA and after 5 years, start the back door Roth IRA? So my question is can I start the back door Roth IRA from my traditional IRA in addition to my current $6k contribution to my Roth IRA? Not sure if my making my self clear. Hope my question makes sense. Thanks
So you can not use any money in your existing Roth if you have a rollover until the 5 years are up?
Can retired person not working age 73 roll over into roth ira
Hi Tiffany, Is it true that even if I did not participate in 401K but my employer has 401K , does that mean that income limit will apply? Thanks
Hi Tiffany, Thanks for your video. I’m approaching 59 1/2, I understand not wanting to roll money into the next tax bracket… but is there a limit to how much I can roll over?
If I am already over 59 1/2 and rolled money into a Roth from a Traditional ira do I have to wait 5 years to withdraw my money from a Roth , thank you
Hi Tiffany, is it too late to contribute to Roth IRA for tax year 2020? What options can I have now to lower my tax bracket for 2020? Thanks
Another back door Roth IRA method: if your company allows you invest more than $19k annual for 401k , you can invest additional $37k after tax money into your 401k. Then quickly do IN SERVICE transfer to convert this $37k out to your personal Roth IRA, tax free (for principle). This works. better if you have 401k account and personal Roth IRA account with the same financial institution (Fidelity, Vanguard…)
This is for high income earners who can afford to save more. Not all companies allow you to invest up to $56k to your 401k. This back door also give you ability to go around the limit of $19k for Roth 401k oe the stand alone $6k Roth IRA
You left some info out this is not fully correct either.
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