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Give Redbreast a try! Great Irish Whiskey. There aren’t enough OOO’s in Smooth to describe it!!
Does it have to be a new IRA account ? Because i have one that's a few years old that I never put money in because I did a ROTH instead exactly to have it ready to do backdoor Roths because my income is beginning to get higher and higher.
Hypothetical situation….. if I were to retire prior to 59 1/2 then I could not do a backdoor Roth because I have no earned income (only pension/401K). But, if I were to pick up a job for the sole purpose of being able to continue to fund a Roth, is there a dollar amount I have to earn for Roth purposes? Meaning, I would want to contribute $13K to Roths (wife and myself), do I need to earn $13K or can I earn less but contribute the full amount?
Good stuff!
Thank you!
Great video. Love the picture on the wall behind you.
I realized that my wife and I will be over the Roth IRA lower MAGI limit threshold for 2022, but still less than 214,000 (let's say 205,000). Since I already made some direct contributions to our Roth accounts in 2022 (2,500 each), is it okay to do the rest (3,500 each) as a backdoor Roth IRA contribution for the same tax year?
Really great content. Learned a lot from this.
@ 12:02 'IRS simple question: balance of your IRA before you rolled over converted to Roth' – Traditional IRA can be rolled into traditional 401(k) after you back door Roth IRA; traditional IRA balance should be $0.00 on Dec 31 to escape pro rata tax.
I’m going to be very disappointed if Dustin doesn’t have a hidden speak easy in his house.
Might want to mention MFS income limit for contributing directly to a Roth is only $10k(!), so a backdoor Roth is very helpful for folks in this situation as well. There are multiple reasons to file MFS, especially with certain student loan repayment plans that can keep spouse's incomes separate. Awesome content, keep up the good work!
Love this guy,his videos are awesome !
Wife and I have been doing this a long time. Our S-Corp income is nearly impossible to predict (we can get in range) but it’s well over the MFJ limit so we lump sum the entire amounts in January of the year of contribution. We don’t always invest right away but we get the money in there and complete the process so we can work from that point. We hold the pretax cash in cash and never invest it until it gets to the Roth IRA. Better safe than sorry. Our pre tax IRA’s always sit at zero.
Hmm, I was just going to contribute $6500 each for myself and wife ($13K total ) into an empty trad IRA and then transfer them to our IRA Roth accounts for 2023 — Would Turbotax help with this?
Great information!!! Can you add money to a 457B like you said to a 401k?
thank you!!!!
Been doing this for years. People do it, it’s just not talked about much.
Thanks Dustin love the casual atmosphere.
Great tip. Does the pro rata rule only apply to back door Roth conversions when one also has a traditional IRA? If one just wanted to start Roth conversions of their traditional IRA, does the pro rata rule also apply?
Love this series
Try some Old Van Winkle Bourbon if you can find it. Had some many years ago and thought it was a pleasant experience, Kind of numbs the lips and very smooth.