X
-
Now. Pro rata taxation is determined based on the EOY value (on 12/31 year of conversion). So, as long as there is no money in pre-tax IRAs (Trad, SEP, SIMPLE) on 12/31/2017, there will be no tax penalty for a backdoor Roth.
-
Roth Contribution with Existing Rollover IRA
I had a rollover IRA with money from previous employer 401k's. In the process of completing a reverse rollover to move the money into my current 401k to be able to start working on annual backdoor Roth IRA contributions. Only issue is I'm trying to determine when I can start without taking a tax hit. The money was removed from my rollover IRA on 3/29/2017 (last week). I realize there is no way I can contribute without taking a tax hit for 2016 but do I have to wait until after April 18th, 2017, Jan 1st, 2017 or after April 17, 2018 or some other date?
ThanksTags: None
Channels
Collapse
Leave a comment: