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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: kamred on October 15, 2016, 04:08:22 PM

Title: Can my wife and I contribute to backdoor ROTH IRA?
Post by: kamred on October 15, 2016, 04:08:22 PM
Hello Fellow Mustachians,

My wife and I make a total of $300 K per year. We are 30 years old.

Both of us max out our 401K. Can my wife and I each contribute $5500 after-tax money to Traditional IRA and then move it to Roth IRA to allow the gains to grow tax free?

Please let us know.

Thanks much.
Title: Re: Can my wife and I contribute to backdoor ROTH IRA?
Post by: MDM on October 15, 2016, 05:50:59 PM
In short, yes.

But there are some caveats, particularly around any existing pre-tax IRA money.

Whenever http://www.bogleheads.org/wiki comes back online (it's been off for ~a day), see the Backdoor Roth article.
Title: Re: Can my wife and I contribute to backdoor ROTH IRA?
Post by: kamred on October 15, 2016, 07:48:45 PM
Thanks MDM.

We don't have Pre-tax money [We only have 401 K and After-Tax 401 K monies in our 401 K accounts]

I will check out the information once Bogleheads comes online.

Thanks,
Kam