Situation (2023, 34 years old):
- I maxed my 401k ($22.5k, 100% roth)
- My wife maxed her 401k ($22.5k, 100% pretax)
- We each have only 1 VG Roth IRA (no traditional/SEP IRAs or pro-rata conversion concerns)
- We contributed $0 to IRAs since 2017
our income now exceeds the Roth IRA limit of $228k
Are we eligible to contribute $6.5k non-deductible savings to each of our traditional IRAs, then immediately backdoor/convert into each of our existing roth accounts?
I am planning a 1st time backdoor roth contribution of non-deductible savings by following this guide, but have never done it before, so I'm seeking some advice for peace of mind.
Love this forum, thanks in advance!
- I maxed my 401k ($22.5k, 100% roth)
- My wife maxed her 401k ($22.5k, 100% pretax)
- We each have only 1 VG Roth IRA (no traditional/SEP IRAs or pro-rata conversion concerns)
- We contributed $0 to IRAs since 2017
our income now exceeds the Roth IRA limit of $228k
Are we eligible to contribute $6.5k non-deductible savings to each of our traditional IRAs, then immediately backdoor/convert into each of our existing roth accounts?
I am planning a 1st time backdoor roth contribution of non-deductible savings by following this guide, but have never done it before, so I'm seeking some advice for peace of mind.
Love this forum, thanks in advance!
Statistics: Posted by 2ndGradeInvestor — Wed Feb 07, 2024 8:33 pm — Replies 1 — Views 191