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  • changing a backdoor roth account

    I set up a backdoor roth IRA, through Northwest Mutual "financial planner".  Now that I actually read statements I realized that it's a 2045 Target date fund through American Funds.  Looks like all their funds have a 5.75% load.    Is it possible to move a backdoor roth IRA to a different provider with no load options? Thanks in advance.

  • #2




    I set up a backdoor roth IRA, through Northwest Mutual “financial planner”.  Now that I actually read statements I realized that it’s a 2045 Target date fund through American Funds.  Looks like all their funds have a 5.75% load.    Is it possible to move a backdoor roth IRA to a different provider with no load options? Thanks in advance.
    Click to expand...


    Sure it is - it's your money. You won't get your load fees refunded, but that's not a good reason to stick with NWM.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      thanks for responding, on a related note, we are trying to setup a vanguard backdoor roth IRA for my wife and sneak in a 2016 contribution.  Our CPA doing our taxes told us if it's all done by Wednesday everything will be on time as long as vanguard faxes her info.

      so if we get the traditional IRA set up but are unable to convert before filing taxes this year, does that mean we will just convert to roth IRA for 2017 and be able to contribute another 5500 into the traditional IRA, kind of always having it on deck for the next conversion, or are we able to convert twice   a year or convert 11000 at one time for 2017?

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      • #4


        so if we get the traditional IRA set up but are unable to convert before filing taxes this year, does that mean we will just convert to roth IRA for 2017 and be able to contribute another 5500 into the traditional IRA, kind of always having it on deck for the next conversion, or are we able to convert twice   a year or convert 11000 at one time for 2017?
        Click to expand...


        Conversions count on a calendar year basis. If you convert on any day in 2017, you will report on your 2017 1040 via Form 8606. You can do as many conversions in a year as you want, as long as you have retirement funds to convert. There is no limit. See my post, Explaining Backdoor Roth IRAs.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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