Announcement

Collapse
No announcement yet.

Backdoor Roth IRA timeline

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Backdoor Roth IRA timeline

    Hi everyone,

    I rolled over from traditional IRA to Roth IRA in 09/18. Do I have to wait until 09/19 or after 04/15/2019 to roll over to Roth IRA for 2019? Can I roll over for 2019 calendar year in 01/19? Thank you for your help.

  • #2
    Huh?

    You can't start 2019 until 2019 starts.

    Comment


    • #3
      Hi Peds,

      I want to find out if I need to wait until 09/19, after filing tax for 2018 on 4/15/19, or on 1/19?

      Comment


      • #4
        I am confused because some reddit forum states that I have to wait until after 04/15/19 to roll over for 2019 year.

        Comment


        • #5
          You can only contribute $5,500 for 2018, and $6,000 for 2019 (in 2018 and 2019, respectively) to your IRA. And I assume when you said “rolled over” you meant converted from traditional IRA to Roth IRA. You can contribute to a traditional IRA for 2019 once the calendar reads 2019, and then convert as soon as it is in your traditional IRA. No need to wait for 4/15/19 or September 2019.

          Comment


          • #6
            Yeah I mean rolling over to backdoor IRA. Is the amount limit for people <50 at 5500? This is my second year of backdoor ira so I want to make sure that I do it correctly. Thank you for your help.

            Comment


            • #7
              Yes, this year (2018) the limit for someone under 50 is $5,500, and next year it is $6,000.

              Comment


              • #8
                You can convert as soon as the money clears.

                Comment


                • #9
                  Just want to confirm that I can roll over to backdoor Roth IRA for 2019 on 01/01/2019. The contribution amount is $6000. Is that correct? Thank you Max.

                  Comment


                  • #10
                    1/2. Market is closed 1/1.

                    Comment


                    • #11
                      Thank you Peds. I am a noob so I want to make sure I don’t make any mistakes. ?

                      Comment


                      • #12
                        To clarify, when you converted your traditional IRA to Roth IRA 9/2018, where did those traditional IRA contributions come from? Were they non-deductible contributions made in 2018? Or were they from a prior year or rolled over from a prior 401k?

                        Comment


                        • #13
                          I put $5500 post tax money into traditional Ira then roll over to Roth IRA the next day. I followed one of the posts on WCI.

                          Comment

                          Working...
                          X