Hello all,
Been a long time fan...first time poster.
I have been trying to figure out how to contribute to a Backdoor Roth with my current parameters. My wife and I have contributed to non deductible IRAs when we first started working that has grown from approx. 15 k to 30k. My wife currently has a Rollover IRA and I have a defined contribution pension plan for my orthodontic office.
I would like to start contributing to backdoor roth but can't find a place for my non deductible IRA contribution. I know I have to move my wife's previous rollover IRA to her current work 401k or another place. I don't think I can move my non deductible IRA to my pension plan because I have alreadly paid taxes on the contribution.
Should I just bite the bullet and pay the tax on these non deductible IRA (tax on just the gains since I paid on the principle) and move my wife's rollover and contribute to a back door roth. Or is there another avenue that I am missing.
Thanks
Gabe
Been a long time fan...first time poster.
I have been trying to figure out how to contribute to a Backdoor Roth with my current parameters. My wife and I have contributed to non deductible IRAs when we first started working that has grown from approx. 15 k to 30k. My wife currently has a Rollover IRA and I have a defined contribution pension plan for my orthodontic office.
I would like to start contributing to backdoor roth but can't find a place for my non deductible IRA contribution. I know I have to move my wife's previous rollover IRA to her current work 401k or another place. I don't think I can move my non deductible IRA to my pension plan because I have alreadly paid taxes on the contribution.
Should I just bite the bullet and pay the tax on these non deductible IRA (tax on just the gains since I paid on the principle) and move my wife's rollover and contribute to a back door roth. Or is there another avenue that I am missing.
Thanks
Gabe
Comment