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But first, how much does your service cost? ok..one sec... I
I am currently contributing the maximum to my 403(b) account. Because my overall retirement portfolio is rather low, I decided to open an IRA account to bolster my retirement savings. My first preference was to open a Roth IRA but my modified AGI is too high for me to do so. Therefore, I decided to open a traditional IRA and contribute after tax dollars into it. I realize I will not (because I cannot) seek deductions on my contributions to the tradition IRA (since I'm already maxing out my contributions to my 403(b) plan) but I'm fine with that. My (original) plan was simply to make yearly, one-time, after-tax contributions each year of the maximum allowable amount into the traditional IRA.I then heard about “Back Door” Roth IRA's. My modified plan is now is to do the above but then, after a year's time, roll that traditional IRA over into a Roth IRA. (I believe I have to wait a year before converting a tradition IRA to a Roth IRA but please correct me if I'm wrong). I would then repeat the process each year. I believe since my contributions to the traditional IRA will be after-tax dollars, when I convert the traditional IRA to a Roth IRA, I will only be taxed on any gains that occurred in the traditional IRA.However, I also have a “self-directed” traditional IRA which contains actual gold and silver (coins and bars). Unfortunately, I funded this IRA back in 2011 when silver was at its high and I have suffered a loss to date due to the drastic drop in silver's price (current market value of this IRA is @ $37.7K vs a cost of $48.4K). The funds used to purchase the gold and silver were pre-tax dollars. BTW: I also have a “self directed” Roth IRA which also contains gold (not silver) which I opened in 2010 (current market value $13.8K vs a cost of $12.5K). After 2011, I have made no further contributions into both of these self-directed IRA's.My question: When I convert the new traditional IRA (which will only contain a one-time contribution of 7K after-tax dollars) to a Roth IRA, do I have to use the IRS “pro-rata rule” due to my ownership of the gold/silver traditional IRA (and sufferer additional tax consequences)? Also, do I have to wait a year's time to convert the traditional IRA to a Roth IRA, or can I do so right away?Thanks for your time. … read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
Master's Degree
329 satisfied customers
I am a non-spouse beneficiary of a 403b. May I convert some
I am a non-spouse beneficiary of a 403b. May I convert some of the balance into a ROTH IRA if I pay the income tax? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,420 satisfied customers
I moved money from a IRA into a Roth Account in April 2018.
I moved money from a IRA into a Roth Account in April 2018. My investment company did a RMD seemingly to create a tax withholding that would cover the tax due on the Roth as well as the RMD. When I qu… read more
Bill
Bill
Master's Degree
3,154 satisfied customers
My mother died 2/27/2018 and I inherited a Roth IRA. I have
My mother died 2/27/2018 and I inherited a Roth IRA. I have converted it into an inherited Roth IRA with the proper naming, etc. I am 67 and would like to avoid taking the RMD for five years and then … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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Can I convert a portion of my IRA into a Roth and use that
Can I convert a portion of my IRA into a Roth and use that conversion as part of my RMD. If so, is there a limit.Background information: I'll over 71 and my RMD will be about $100,000. I do not need t… read more
Lev
Lev
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Who prepares the form 5498 and why? No, I have a unique
who prepares the form 5498 and why? JA: Have you talked to a tax professional about this? Customer: No JA: Anything else you want the Accountant to know before I connect you? Customer: I have a unique… read more
Robin D.
Robin D.
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HOW DO YOU DETERMINE THE AMOUNT YOU MUST TAKE OUT OF YOUR
HOW DO YOU DETERMINE THE AMOUNT YOU MUST TAKE OUT OF YOUR IRA IF 90% IS IN GOLD? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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I'm 75 and subject to annual RMD's from my traditional IRA.
I'm 75 and subject to annual RMD's from my traditional IRA. In looking a way to shelter the RMD amount if I were to reinvest it, I stumbled on the virtually unlimited IRA to Roth Conversion. My questi… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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My income limit prevented contributing directly to Roth IRA
My income limit prevented contributing directly to Roth IRA as I've always done. Maximized ($5500) non-deductible contribution to traditional IRA and completed backdoor Roth conversion before the end … read more
emc011075
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I have already tax paid (post tax) contributions to
I have already tax paid (post tax) contributions to traditional IRAs. When taking a distribution, I'm supposed to add together all my IRAs for the total value on Dec 31 of the previous year. Q: Do I a… read more
Lev
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What is the maximum amount of income I can make when over
What is the maximum amount of income I can make when over age 70 to still make a Individual IRA contribution, and after setting up and IRA, how long until it can be converted to a ROT?… read more
Robin D.
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in 2012 we rolled a traditional ira into a roth. the tax
in 2012 we rolled a traditional ira into a roth. the tax preparer did NOT report this and no taxes were paid. in 2014 the roth was converted back to a traditional ira, recharacterizing, question: the … read more
Lane
Lane
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Doctoral Degree
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I am 64 years old. I am retired and have current taxable income
I am 64 years old. I am retired and have current taxable income of about $68,000 per year. I have a total of $203,000 in 6 separate Traditional IRA CD's; the CD's have maturity dates over the next 3 y… read more
Lev
Lev
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I have a tax question concerning Roth IRA conversions and beneficiary
I have a tax question concerning Roth IRA conversions and beneficiary IRAs. I have approximately $250 k in an inherited tax deferred IRA from my dad. He started RMDs so I will have to start that this … read more
Bill
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i turned 71 last month and have not taken any distributions.
i turned 71 last month and have not taken any distributions. can i convert my regular ira account to a roth ira account, since i have other funds to draw upon and would like to pass a roth ira on to m… read more
Lev
Lev
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Re . the 2010 roth ira conversion, has IRS issued any specific
Re:. the 2010 roth ira conversion, has IRS issued any specific information? I have looked at Publication(s) 590 and can't seem to find anything. Where is it?… read more
Merlo
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I converted a traditional IRA to a Roth. I have a carryover
I converted a traditional IRA to a Roth. I have a carryover basis. Do I subtract that amount from the total amount converted?… read more
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A person age over 70-1/2 converting traditinal IRA to Roth
A person age over 70-1/2 converting traditinal IRA to Roth: Is the RMD for the year INCLUDED in the MAGI?… read more
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