IRA Basis Rules - Warning for Backdoor Roth
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- čas přidán 15. 07. 2024
- Watch out for the IRA Basis Aggregation rules!
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Excellent video! This is the clearest explanation of the Backdoor Roth and IRA aggregation rules that I've seen to date. Well done.
great explanation. saved me from making a mistake
Thank you! What you just have explained here, is not explained anywhere else on CZcams or Google. I think you need to make another video with a title “can I back door Roth with a 401k at work?”. I got work 401k both pre tax and Roth and no traditional IRA’s anywhere. Now after watching you video, I know that I can open a traditional IRA and back door money to Roth, while I am contributing maximum to my 401k at the same time. 🎉
Very informative, thank you!
Great info, had no idea how that worked. I just did my first after tax IRA to roth IRA conversion, good thing is I do not have a tax deferred IRA so I should be clear of this IRA aggregation mess.
Great Information. I am single filer and make more than the Roth IRA contribution limits. So in 2020, I opened a Traditional IRA and contributed $6,000, then converted all of it to Back door Roth IRA. I made no contribution in 2021. In 2022, I made another $6,000 contribution to Traditional but only converted $4000 to Roth IRA. This was taken as a taxable event and I had to pay taxes on $4000 of Gross distribution. Now I don`t understand why is it called a distribution when I only converted the $4000 from Traditional IRA to Roth IRA just like I did in 2020? And why I had to pay taxes on converting $4000 in 2022 while I didn`t have to pay taxes on my conversion in 2020?
thanks for such great explanation. i have a situation where I have a mix of pre and post tax money. I understand your recommendation and plan to execute exactly as explained, but I am not clear as far as where would the traditional IRA growth be transferred to...since the growth hasn't been taxed, can I transfer it to my 401k as well?
Yes, the growth on the pre-tax portion would be transferred to the IRA.
Nerdy is fun.
A guest on The Wall Street Journal Report spoke sometime last week about making over $431,000 in 4months with a capital of $100,000, which made me realize that as a beginner i have alot to learn, so please assist me with any pointers or tips that would help me make this much profit.
seek the guidance of a professional.
I watch youtube videos and take courses , baby steps but it works for me.
I’m a new investor as well and I use a broker Joanna Maliva Lee she’s been guiding me with my investment since I began late last year and I’ve been able to accrue a profit of $120,000 with a principal of $330,000
that’s amazing
Wow I always wanted to invest with a professional but I never knew how to go about it please how do I reach Joanna and how does she help investors