WebHe assured me that if it's in this collections phase, there's no growth or interest or any gains and shouldn't affect the backdoor roth in anyway. If anyone can confirm that would be great. The guy on the other line didn't sound too knowledgeable on the backdoor roth regarding 2024 and 2024 contributions and doing both conversions on 2024 taxes. WebJul 6, 2024 · Assuming you can do a mega backdoor Roth, here’s how it works: You max out individual additions to your 401 (k): $22,500 in 2024 or $30,000 if 50+. Then, you make …
Indirect Roth IRA Contributions: Backdoor or Trapdoor?
WebOct 29, 2024 · However, Roth conversions in a given year are subject to pro-rata taxation of non-deductible basis and any pre-tax balances in all traditonal, SEP and SIMPLE IRA … WebFeb 26, 2024 · To report the amount converted for 2024 you would need to amend your tax return and show the distribution from the IRA to the Roth IRA as a substitute 1099-R. The code you need for Box 7 on the substitute 1099-R is code 2. Here is a link to directions for entering the information in TurboTax. Then on your 2024 return on the form 8606 you … robert wright kenneth moore
Jim Amerman, CFP® - Founder, Roth IRA Conversion Tax
WebAt that same rate of growth, by age 70 that backdoor Roth IRA balance will be $1.01 million, according to calculator.net. Even if your rate of growth is just half that pace, 5.25%, your … WebJan 20, 2024 · It’s for people who have a 401 (k) plan at work; they can put up to $43,500 of post-tax dollars in 2024 into their 401 (k) plan and then roll it into a mega backdoor Roth, … WebMay 30, 2024 · A Roth IRA rollover involves moving retirement funds from one account to another, such as rolling 401(k) funds into a Roth IRA account. A Roth IRA conversion, … robert wright nbc