What is the Best Strategy for a Backdoor Roth IRA?
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I just moved all pre tax money in traditional ira to 401k and moved all post tax to Roth .. both same year, hope it’s fine and not tax liabilities
What about if you had a 401k and left the company and turned it to a rollover traditional IRA? Can you then convert that to Roth IRA?
The same requirement for a mega backdoor Roth conversion applies to IRA's as well doesn't it? In other words, I have a TIRA that would need to be cashed out or transferred to a 401k before I qualify to do a conversion, correct?
I roll my traditional IRA into my 401k to allow for BD Roth. I do this once a year because my 401k allows mega BD Roth so I need to roll the earnings back into plan every year
Bo has a birthday coming up in a few days, doesn't he? An early Happy Birthday to you Bo!
I wonder how long it will be before the govt allows a backdoor Roth conversion so people can convert pre-tax dollars to ROTH without claiming it as taxable income.
They should allow people to make the transfers now and pay the taxes out of the 401K itself without counting it towards your earned income.
In the short term, the govt would benefit from this. I have no idea why they do not allow it.
Just let the people pay the taxes from the balance at their current earned income rate and not out of pocket!
It's weird that Bo is always co-hosting yet the title of the show is singular and the into only names Brian. Smells like an ego case to me.
Love Bo's George Bush reference haha.
Is it only me who wonders why Bo doesn’t have his name on the channel or the intro to videos? Bo, is what is driving your views and is clearly the co-host. Just sayn that’s pretty messed up.
The fact that one has to do a back door Roth is silly, they should just get rid of the income limit because in effect there isn't one
I opened a self employed 401k with Fidelity and roll my employer 401ks to it. It’s not ERISA protected, but my state bankruptcy laws protect it. It’s in my control and isn’t an IRA!
Back door Roth’s are a great way to take advantage of tax free growth if you make a high income
If you have any side hustle income you might be able to open up a solo 401k, at a place of your choosing, and roll IRA money into it
Brian and Bo are the investing kings! I am inspired by their channel. Brian and Bo inspire me to continue my own YouTube channel on Finance and Investing.
First.