Esscuseme
Kurra Bewarse Username: Esscuseme
Post Number: 1378 Registered: 03-2005 Posted From: 104.183.243.230
Rating: N/A Votes: 0 | Posted on Thursday, April 16, 2020 - 12:54 pm: | |
Ispate:
You can do backdoor ira to roth ira anytime and any number of times. I suggest one time per year for tax record purposes. Yes, you can convert your ira to roth ira and there is no penalty involved. However, you have to pay taxes on capital gains ONLY. Wrt transfer-in-kind (as is funds), I highly doubt it will work that way unless your brokerage allows it and you shell out taxes on gains from out of pocket. TO avoid taxes on gains, I contribute one day and very next day I convert to RothIRA so that there is only couple of cents gains and hardly any taxes on that cents. You can search backdoor roth ira and there is tonns of info. Don't get confused with Mega backdoor roth ira which slightly different. |