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  • Backdoor Roth

    Can you contribute to a backdoor Roth for 2015 now?

  • #2
    Yes. You need to make a contribution to a traditional (non-deductible) IRA by April 18, 2016. When you make your contribution, you will also want to note that it is a prior-year (2015) contribution. You can then subsequently convert it to a Roth IRA.
    Lawrence B. Keller, CFP, CLU, ChFC, RHU, LUTCF
    www.physicianfinancialservices.com

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    • #3
      Yes, you have unti 4/18/2016, but the sooner the better (transactions get really hectic on the last few days. Your contribution will count for 2015 if you so designate. The conversion will be in 2016. No tax effect either way- unless you have pre-tax IRAs in your name (or spouse's if he/she is also con eating). If that is the case, you should still contribute to your IRAs (will be non-deductible) for 2015 and then convert pre-tax IRAs to the Roths first. After that, convert your after-tax IRAs to the Roth (this is the back-door translation).

      BE SURE to file your forms 8606. I have received a startling number of inquiries from health care pro's from this forum whose tax preparers do not understand the concept of back-door Roth IRAs.
      Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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