2022 Backdoor - link to instructions

[WorkforFIRE]

As we start 2022, here is a link to instructions for backdoor roth that I’ve found very helpful

https://www.physicianonfire.com/backdoor/

happy new year to all

[JBME]

You know you’re a dedicated forum user when this is the first thing you did when you wake up New Year’s Day morning

[uksho]

Can I transfer money from my settlement fund in Vanguard brokerage account to traditional IRA, in Preparation for back door

or it has to come from savings/checking different bank ?

thank you

[GasFIRE]

$ from VG brokerage to VG tIRA definitely. If it comes from a different bank you'll be on the future thread complaining that they won't let you convert to Roth the next day.

[uksho]

$ from VG brokerage to VG tIRA definitely. If it comes from a different bank you'll be on the future thread complaining that they won't let you convert to Roth the next day.

Thanks . Done. I bonds done too.

[NinjaDoc]

So can we officially do the backdoor Roth for 2022?

[uksho]

So can we officially do the backdoor Roth for 2022?

Nothing in law preventing at this time , to my knowledge.
have only done the first step . Rest would be when the week starts

[Yowza]

You know you’re a dedicated forum user when this is the first thing you did when you wake up New Year’s Day morning

actually the first thing I did was google the mr. money mustache blog post on doing the BDR, not finding it and realizing it was the POF blog instead after looking at this thread. old brain is dumb but still smart enough to look here...

[Yowza]

Thanks . Done. I bonds done too.

For I bonds, does it matter if they are bought now or by the end of the month?

[NinjaDoc]

For I bonds, does it matter if they are bought now or by the end of the month?

Nope

[xraygoggles]

I was waiting to see who would start the first 2022 BD Roth thread - didn't take long.

One of the downsides of New Years on a weekend is now we have to wait till the 3rd to do the conversion part.

[mercredis]

Can I do backdoor Roth for both 2021 and 2022 simultaneously? I'd be using my Vanguard settlement fund. Or should I separate the 2021 and 2022 BD by a few days? Would have liked to do 2021 BD earlier than this, but had really limited cash flow with just starting attending job in Sept and maximizing 2021 contributions for TSP in a 4 month span.

[GasFIRE]

Can I do backdoor Roth for both 2021 and 2022 simultaneously? I'd be using my Vanguard settlement fund. Or should I separate the 2021 and 2022 BD by a few days? Would have liked to do 2021 BD earlier than this, but had really limited cash flow with just starting attending job in Sept and maximizing 2021 contributions for TSP in a 4 month span.

The contributions to the tIRA will have to be separate ($6K X2) since they are coded for the tax year, but this can be done sequentially on the same day. I use Fidelity but assume VG will be similar and only allow the contribution to be up to the legal limit. When the funds are available for conversion to your Roth IRA this can be done at the same time for the total contribution and will be reported for the calendar year.

[SLC OB]

I didn't get it done until about 8.5 hours into 2022... kinda slacking for a WCI follower.

[Lithium]

No reason to buy ibonds before the end of the month. You get credit for holding them all month whether you buy them Monday or 1/31. Basically you can double dip.