Hi everyone,
I wanted to know if I should proactively do a backdoor roth ira. Last year I wasn't sure if me and my wife's MAGI would go over the limit. In June I found out it wouldn't so I fully funded both our Roth IRA's.
This year I'm in a similar position. Can I proactively do a backdoor roth ira now instead of waiting until June? Does anything happen if our MAGI is under the limit and we proactively did a backdoor roth?
I'm relatively new to all this so any good advice is very helpful.
Thank you!
Should I proactively do a backdoor roth ira?
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Re: Should I proactively do a backdoor roth ira?
There is no harm in doing a Backdoor Roth even if it turns out to be unnecessary. It is the safest route without having to wait until later in the year. Many here do it.
Cheers
Cheers
Re: Should I proactively do a backdoor roth ira?
Thanks so much SILK MCCUE, I appreciate your help!
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Re: Should I proactively do a backdoor roth ira?
No downside in doing a backdoor Roth
Re: Should I proactively do a backdoor roth ira?
I think anyone within 30-40k of limit should do it, that way if you get a crazy bonus or lots of overtime, etc, you’re good.
Re: Should I proactively do a backdoor roth ira?
Thank you so much affable at 50, synacksyn, and Doc7. I really appreciate your responses!
Re: Should I proactively do a backdoor roth ira?
There's no harm in proceeding with the backdoor Roth IRA as long as you have zero balance in your non-Roth IRAs (traditional, rollover, SIMPLE, SEP, etc.) as of 12/31/2022.Affable at 50 wrote: ↑Sun Jan 16, 2022 8:39 pmThere's no harm in proceeding with the backdoor Roth IRA as long as you have no traditional IRAs as of 12/31/2022.