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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: SavinMaven on June 06, 2020, 07:41:35 AM

Title: Back-Door Roth for Dummies
Post by: SavinMaven on June 06, 2020, 07:41:35 AM
I need a book with that title, but can't find one. Internet searches yield windy essays on the virtues of back-door Roths with no nitty-gritty how. Is there a clear, step-by-step guide to DIY this? Preferably with some sort of discussion of tax implications, recs re timing, etc.? Or should I bite the bullet and go to a CPA? If the professional route, is a CPA the right person to help with this?
Title: Re: Back-Door Roth for Dummies
Post by: terran on June 06, 2020, 09:38:41 AM
Here's a good step by step guide on completing a backdoor Roth contribution at Vanguard (hopefully you figure out how to adjust it for another provider if your IRAs are elsewhere): https://www.physicianonfire.com/backdoor/

Here's one that's slightly less detailed on the contribution/conversion process, but also includes how to fill out Form 8606 when you do your taxes (your tax software will do this, but it's easy to get end up with it filled out wrong if you don't understand how it's supposed to be filled out): https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/
Title: Re: Back-Door Roth for Dummies
Post by: MDM on June 06, 2020, 11:45:03 AM
And the Bogleheads wiki: Backdoor Roth - Bogleheads (https://www.bogleheads.org/wiki/Backdoor_Roth).