Announcement

Collapse
No announcement yet.

Backdoor Roth IRA timeline

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

  • NoobMD
    replied
    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.

    Leave a comment:


  • jhwkr542
    replied
    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?

    Leave a comment:


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

    Leave a comment:


  • Peds
    replied
    1/2. Market is closed 1/1.

    Leave a comment:


  • NoobMD
    replied
    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.

    Leave a comment:


  • Peds
    replied
    You can convert as soon as the money clears.

    Leave a comment:


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

    Leave a comment:


  • NoobMD
    replied
    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.

    Leave a comment:


  • MaxPower
    replied
    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.

    Leave a comment:


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

    Leave a comment:


  • NoobMD
    replied
    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?

    Leave a comment:


  • Peds
    replied
    Huh?

    You can't start 2019 until 2019 starts.

    Leave a comment:


  • NoobMD
    started a topic Backdoor Roth IRA timeline

    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.
Working...
X