Any one did backdoor Roth IRA?

[bayarea]

16 minutes ago, sri_india said:

For this year , you don't have sufficient time to do it

there is enough time. for 2020, you can contribute and do backdoor until 15-apr, 2021. best strategy is to contribute and transfer to roth ira asap to avoid paying taxes on any earnings in TIRA.

[nokia123]

3 minutes ago, sri_india said:

Simple process.... First go and open traditional ira , you might not eligible to claim tax benefits on this amount based on your income...

Next open roth ira account , better do with same company..... After your funds settled in traditional ira , do transfer your funds to roth ira....

 

You can do everything online .... Also don't do any trading activity within traditional IRA unless you want to pay taxes....

traditional IRA nunchi roth IRA loki transfer chesthe tax kattali kadha aa amount meedha?

and dheeni valla use emito kooda seppu baa...

[KisMisNaidu]

1 minute ago, sri_india said:

Inka roth ira lo ki funds raganeee , trading cheaukoooo..... Withdrawal ki limitations untayi before 59 and half year varaku ... Check those

Thanks 

[sri_india]

Just now, bayarea said:

there is enough time. for 2020, you can contribute and do backdoor until 15-apr, 2021. best strategy is to contribute and transfer to roth ira asap to avoid paying taxes on any earnings in TIRA.

I didn't check roth ira contribution end date ... If it is April 15 , that's good

[sri_india]

1 minute ago, nokia123 said:

traditional IRA nunchi roth IRA loki transfer chesthe tax kattali kadha aa amount meedha?

and dheeni valla use emito kooda seppu baa...

Yes you need to pay tax on your activity in traditional ira before transferring to roth...

 

Roth lo withdrawal ki tax undhahu kadhaa .... Adi major benefit to build  decent retirement income 

[Lukewalker]

This is what I have been doing for last few years:

- Opened Traditional IRA and Roth IRA accounts at Vanguard. 

- Transfer $6k to Trad IRA account, wait for couple of days until funds are settled. Make sure this $6k is after taxes money. This can not be deducted while filing taxes as well. 

- Once funds settle in Trad IRA, move them to Roth IRA account. 

- Invest in mutual funds. (You can invest in whatever you want. I invest my retirement accounts mostly in mutual funds). 

You can fund an IRA till April of next year. That means for 2020, you can fund till April 2021. 

 

[soodhilodaaram]

On 12/25/2020 at 9:03 PM, sri_india said:

2021 limit is only 6k .... Remember this amount

does that include for spouse as well, or can we add 6K for spouse as well

[bayarea]

1 hour ago, soodhilodaaram said:

does that include for spouse as well, or can we add 6K for spouse as well

can do another 6K for spouse as well. 6K for you and another 6K for your spouse

[Assam_Bhayya]

On 12/26/2020 at 6:14 AM, Tenali said:

Any one did backdoor Roth IRA?

 

On 12/26/2020 at 7:55 AM, Simple123 said:

I’m also interested 

 

[Epic]

On 12/27/2020 at 2:08 AM, Lukewalker said:

This is what I have been doing for last few years:

- Opened Traditional IRA and Roth IRA accounts at Vanguard. 

- Transfer $6k to Trad IRA account, wait for couple of days until funds are settled. Make sure this $6k is after taxes money. This can not be deducted while filing taxes as well. 

- Once funds settle in Trad IRA, move them to Roth IRA account. 

- Invest in mutual funds. (You can invest in whatever you want. I invest my retirement accounts mostly in mutual funds). 

You can fund an IRA till April of next year. That means for 2020, you can fund till April 2021. 

 

Funds settle ayyaka traditional ira lo 6k ki dividend generate(month end I think) aithe em cheyyali during Backdoor Roth?

Should I keep it in Traditinal ira or move to Roth along with 6k?

[Pandubabu]

On 12/25/2020 at 7:44 PM, Tenali said:

Any one did backdoor Roth IRA?

Antha income ledhanna

[Tenali]

17 hours ago, Epic said:

Funds settle ayyaka traditional ira lo 6k ki dividend generate(month end I think) aithe em cheyyali during Backdoor Roth?

Should I keep it in Traditinal ira or move to Roth along with 6k?

You can only move 6k to Roth ira.. usually 1 or 2 cents will be there unless you waited for long time before doing backdoor roth

[Epic]

3 minutes ago, Tenali said:

You can only move 6k to Roth ira.. usually 1 or 2 cents will be there unless you waited for long time before doing backdoor roth

Thanks. Long time ante settlement aina roje I did Backdoor transfer, probably it being the month end dividend generate ayyi untundi..I left it in Traditional ira only.