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Question for contributing to backdoor roth over age 70 1/2

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  • Question for contributing to backdoor roth over age 70 1/2

    My dad asked me and I don't know the answer. He's over 70 1/2 but still working as a physician and wants to fund a backdoor roth. But my understanding is you can't put money in an IRA over that age, so I guess can't do a backdoor? Is that correct?

  • #2
    I guess another question: is the re any backdoor roth 401k option? I haven't heard of one and am assuming such doesn't' exist?

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    • #3
      He cannot contribute to an IRA once he reaches the age of RMDs. However, he can contribute to a Roth if he meets the income limitations.

      For your 2nd question, if his employer’s 401k offers a Roth option, he can allocate his contributions to it. If he owns >5% of the business he works for, he can continue participating in the 401k but he must begin taking RMDs. Otherwise, if he owns <5%, he d/n/h to take RMDs from the 401k. Of course, there are no RMDS for Roth IRAs and Roth 401k’s.
      Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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