I just negotiated a big boost for my consulting side-hustle, taking it from glorified pizza money to ~$70k/year. I'm planning on opening a SEP-IRA, which should allow me to put away an additional $15k or so tax-deferred.
I understand this would be subject to the pro-rata rule for my back-door Roth converstion. Does it still make sense to do a back-door and pay the taxes, or just drop the backdoor Roth for myself? I understand we can still do one for my wife without the pro-rata.
Do I have that right?
I understand this would be subject to the pro-rata rule for my back-door Roth converstion. Does it still make sense to do a back-door and pay the taxes, or just drop the backdoor Roth for myself? I understand we can still do one for my wife without the pro-rata.
Do I have that right?
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