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IRA vs Backdoor Roth

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  • ambesima
    replied
    Great!!! Thanks guys.

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  • DMFA
    replied
    Yep. You can only deduct with no income limit if neither you nor spouse have an employer (or self-employed) plan...and if you don't, then the best solution isn't to deduct your TIRA contribution, it's to get an employer plan.

    https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

    Leave a comment:


  • ambesima
    replied
    Oh thanks DMFA. Did not know I couldn't deduct TIRA. That makes the decision easy.

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  • Peds
    replied
    This is simple. You can't do a deductible tIRA. So backdoor it is.

    Leave a comment:


  • DMFA
    replied
    If you have a 401(k), then at that income you can't deduct traditional IRA contributions ($119,000) and can't contribute directly to Roth ($184,000), so the only worthwhile option is to do Backdoor Roth.

    Leave a comment:


  • ambesima
    started a topic IRA vs Backdoor Roth

    IRA vs Backdoor Roth

    Hey guys
    I am still struggling with whether to do TIRA or backdoor roth. Just out of residency last yr. Did roth plus max out 401K. Going aggressive with Sofi refinanced student loan.

    401K: 42k
    Roth: 11000
    Married with no kids.
    Income 325K

    Still not sure which will be the best for me. Anyone having the same problem?
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