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  • jfoxcpacfp
    replied
    Yes, you can create one this year. The window has closed for you to contribute to a nondeductible TIRA for 2016 and prior.

    If you haven't yet read it, recommend you start with this article, Explaining Backdoor Roth IRAs, and then post any questions that remain.

    Leave a comment:


  • DMFA
    replied
    1. Open Roth IRA
    2. Contribute to traditional IRA
    3. Convert to Roth IRA
    4. Withhold nothing on conversion and deduct nothing on your taxes

    It's surprisingly easy if your brokerage allows for electronic transfers.

    Leave a comment:


  • PhysicianOnFIRE
    replied
    You can do it this year for tax year 2017. The last chance for 2016 was the third week in April.

    If you happen to have Vanguard, my post will walk you through the steps. WCI obviously has an authoritative post on the subject as well. Any questions you might have are probably answered in the 1,056 comments.

    Cheers!

    -PoF

    Leave a comment:


  • cozmopak
    started a topic Roth

    Roth

    I need someone to walk me through how to create a backdoor Roth IRA.  I've read through multiple prior posts, but I'm still shaky on the details.  Can I still create one this year, or is the time window closed?
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