In a backdoor Roth conversion how are gains taxed using the pro rata rule? I’m going through an example and explaining how gains are taxed in the pro rata rule.
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Thanks for posting this video! I have a situation where I made a $12,000(for the years 2021 as well as 2022) non-deductible contribution to a traditional IRA, but waited a few weeks to make the transfer to my Roth IRA and have since earned $0.18 in dividend; therefore the total balance in my traditional IRA is now $12,000.18. At this point can I transfer the entire amount into my Roth IRA or can I only transfer $12,000? What are the options I have here? What should I do about the $0.18? If I can only transfer the $12,000 how does the pro-rata rule impact me for the small amount left? Appreciate any help!
Are we still able to convert non deductible contributions from a traditional IRA to a Roth IRA in 2022? What happens to our money if we make this conversion (back door Roth) and the BBB law prohibiting this goes into effect?
Great video!! You clearly detail an explanation on your white board.