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My question is around conversion. I have a Traditional IRA
my question is around conversion. I have a Traditional IRA with Vanguard. I contributed $5500 for 2018. This year I have contributed $5500 so far and plan to make another $1000 to make total of $6500 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,726 satisfied customers
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
Enrolled Agent
411 satisfied customers
My wife and I are both retired and have no earned income. We
My wife and I are both retired and have no earned income. We receive Social Security and state pensions. (Both of us worked for the same employer).We both have Roth IRAs. She has a conventional IRA fr… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,393 satisfied customers
I have had a Roth IRA for nearly 10 years, never take a
I have had a Roth IRA for nearly 10 years, never take a dristribution yet . I am 65. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
Help filling out Turbo Tax when I have back door roth ira.
help filling out Turbo Tax when I have back door roth ira … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,393 satisfied customers
I did a IRA contribution in Jan 2019 for the 2018 tax year.
I did a backdoor IRA contribution in Jan 2019 for the 2018 tax year. I also converted a small traditional IRA conversion to a Roth IRA to avoid the pro-rata rule. I recognize I need to pay taxes on th… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,393 satisfied customers
My AGI prevents me from opening a Roth directly. I usually
My AGI prevents me from opening a Roth directly. I usually open a traditional IRA and then convert it to Roth. I opened both my 2018 and 2019 IRAs a few weeks ago. I screwed up though and 2018 was act… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,255 satisfied customers
I have a client that between the wife and husband make over
I have a client that between the wife and husband make over $300,000/yr gross. They each contribute to a 401K at their respective jobs but have no other IRA's. I have heard they can each contribute up… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
If someone has been contributing monthly into a Traditional
If someone has been contributing monthly into a Traditional IRA for 2014 Tax Year and then finds out due to income limitations that the contributions are non deductible, how can that person convert th… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,211 satisfied customers
Hi, I have a question regarding IRAs. I opened an IRA Traditional
Hi, I have a question regarding IRAs. I opened an IRA Traditional account earlier this year contributing $11,000, $5500 for 2013 and $5500 for 2014. When I opened the account, I opened it up as a Trad… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
A taxpayer directly rolls Traditional IRA funds that were not
A taxpayer directly rolls Traditional IRA funds that were not deducted on his tax return into a ROTH IRA. Is this rollover taxable?… read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
Hi. I have a Traditional IRA with just a few thousand dollars
Hi. I have a Traditional IRA with just a few thousand dollars in it, which I established with tax-deductible (pre-tax) money years ago before I had a 401k. Today, I am above the ~$180K income limit an… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I am married, and together, my wife and I earn over $300k a
I am married, and together, my wife and I earn over $300k a year. However, we recently heard that the income limits for rolling an IRA over to a ROTH IRA have been removed. We realize the initial fund… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,726 satisfied customers
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
Retired
Bachelor's Degree Equivalent
31,726 satisfied customers
If my income is $120,000 for 2010, can I contribute to a non-decuctible
If my income is $120,000 for 2010, can I contribute to a non-decuctible IRA and convert that to a Roth IRA?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I have a 401k, including a traditional (about $150k) and roth
I have a 401k, including a traditional (about $150k) and roth section(about $50k), from the previous employer. The assets are reported as a lump sum to me by the management company, but they says they… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,726 satisfied customers
My income is low this year(2009) and I am considering pulling
My income is low this year(2009) and I am considering pulling $40,000 from my Traditional IRA paying the tax on it and put all into a Roth IRA. Do the tax rules allow? JIm… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,726 satisfied customers
Can I invest in an IRA by April 15th in order to reduce my
Can I invest in an IRA by April 15th in order to reduce my 2008 taxes? How much can both my wife and I contibute if we file jointly?… read more
Bill
Bill
Master's Degree
3,154 satisfied customers
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