Help me please.
If I have contributed 5500k yearly for the past 5 years at Vanguard IRA, non-deductible with after tax money,
And all these time I also contribute to employer sponsored 401K,
If I do the backdoor ROth today ONLY on the aftertax money in Vanguard ( directly from IRA to Roth IRA both at Vanguards), I only pay capital gain tax on the gains right ?
And at tax time, I have to fill 5 x 8606 forms , right ?? One for each year I contribute ?
I just dont want to get tax saying I took out all money and pay tax on those.
Thanks
Dummy
If I have contributed 5500k yearly for the past 5 years at Vanguard IRA, non-deductible with after tax money,
And all these time I also contribute to employer sponsored 401K,
If I do the backdoor ROth today ONLY on the aftertax money in Vanguard ( directly from IRA to Roth IRA both at Vanguards), I only pay capital gain tax on the gains right ?
And at tax time, I have to fill 5 x 8606 forms , right ?? One for each year I contribute ?
I just dont want to get tax saying I took out all money and pay tax on those.
Thanks
Dummy
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