Author Topic: Been a while and lost my way need assistance  (Read 583 times)

cowpuncher10

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Been a while and lost my way need assistance
« on: May 15, 2018, 11:34:32 AM »
Hello MMF,

It has been a loooong time since I have perused these forums, so long in fact that I can't remember the answer to a basic question that I am getting ready to ask. Please....hold the pitchforks.

It appears as if my AGI is over 119,000 thus there is no benefit to me continuing to put money in a traditional IRA. What is the best practice of converting a Traditional IRA to a Roth IRA if my Traditional IRA contributions were post tax? Shouldn't that mean that the conversion would be tax free? Can anyone advise?

Thanks!
« Last Edit: May 15, 2018, 11:56:47 AM by cowpuncher10 »

MDM

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Re: Been a while and lost my way need assistance
« Reply #1 on: May 15, 2018, 02:10:39 PM »
See Backdoor Roth IRA - Bogleheads for possible benefits and potential pitfalls.

2Birds1Stone

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Re: Been a while and lost my way need assistance
« Reply #2 on: May 15, 2018, 03:12:04 PM »
If you can use other tax deferred accounts to lower taxable income (401k, HSA, etc) you may still be able to get some tax benefit.

Otherwise you can do a backdoor Roth.