Guide On How To Do A Backdoor Roth IRA

Guide On How To Do A Backdoor Roth IRA

The White Coat Investor just wrote a detailed guide on how to do a backdoor Roth IRA. It is a must read if your income is over the limit and you need to take advantage of a backdoor Roth IRA. The author shows each step from making the contribution to filling out the tax form 8606. The three main steps detailed as follow: “1. Get rid of any SEP-IRA, SIMPLE IRA, traditional IRA, or rollover IRA money. 2. Make a $5500 ($6500 if over 50) non-deductible traditional IRA contribution for yourself, and one for your spouse. 3. Convert the non-deductible traditional IRA to a Roth IRA by transferring the money from your traditional IRA into your Roth IRA at the same fund company.”

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