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Trouble doing backdoor Roth

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  • Trouble doing backdoor Roth

    I created a traditional IRA on Fidelity and deposited $6000 on 12/6 and wanted to transfer the amount to my Roth 12/10 whoever it is still not letting me do so. I’m no sure why. Is it because the available cash of withdrawal is still $0? Why is it taking so long? I did sign up for the $100 fidelity promotion when creating the account, could they be holding my money because of that?
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  • #2
    it can take as long as a week I'm sure. I'd just wait. you have plenty of time to convert it

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    • #3
      It'll probably go through fine in the next few business days. If it doesn't, call them. Good job not waiting til 12/31.

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      • #4
        Originally posted by kev777zero View Post
        I created a traditional IRA on Fidelity and deposited $6000 on 12/6 and wanted to transfer the amount to my Roth 12/10 whoever it is still not letting me do so. I’m no sure why. Is it because the available cash of withdrawal is still $0? Why is it taking so long? I did sign up for the $100 fidelity promotion when creating the account, could they be holding my money because of that?
        Did you pay by check. If they are like Schwab, they take a week for the check to clear before they transfer to Roth from your traditional IRA

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        • #5
          At least at Vanguard, it seems to be a much more efficient process if you can find the TIRA via transfer from the settlement fund of your taxable brokerage account. The funds are then available sooner to convert to the Roth.

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          • #6
            Originally posted by Kamban View Post

            Did you pay by check. If they are like Schwab, they take a week for the check to clear before they transfer to Roth from your traditional IRA
            Fidelity is the same. Cash must be available (not the same as settled) so a check must clear. Much faster if cash is transferred from same brokerage as IRA custodian (available next day at Fidelity).

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            • #7
              “Is it because the available cash of withdrawal is still $0?”. YES.
              Is this a new bank account (new to Fidelity)?Did you use the Fidelity ACH?
              A new account set up will automatically show the transfer. Behind the scene, every financial institution sends a “test” round trip to validate. Then they send the real ACH. What time on 12/6?
              My guess is you will have cash available to transfer as of close of business today.
              Assuming major bank.
              Chase-Fidelity is a Monday to Wednesday completion for existing setups. You will be able to transfer from IRA to Roth and immediately invest.
              Chase-Fidelity is a next day available process. I did this in 3 days.

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