Backdoor Roth

New
jdndbfncjj

New

jdndbfncjj
Dec 30, 2018 8 Comments

Need some help here guys!

1. I've contributed 5500 to traditional IRA this year. Do I need to do the conversion this year or is it the same if I do it next year along with next year's 5500 (convert 11000 in one go)?

2. How do I do it on the Fidelity platform? Is it just open both accounts, load 5500 post tax to traditional IRA, then transfer it to Roth IRA? I can't figure out how to do the transfer and their instruction page tells me "you do not have any eligible Fidelity IRA accounts to convert to a Roth IRA." - what is an eligible Fidelity IRA?

3. Uber people - we can't mega backdoor Roth, right? If you managed to do it, how?

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TOP 8 Comments
  • The same. Except tax time will be confusing if the contribution and conversion is in different years. Look it up. You need both accounts opened on Fidelity. There is a button and a few clicks
    Dec 30, 2018 4
    • ...better than vanguard
      Dec 30, 2018
    • You need to keep track of all your non deductible traditional IRA contributions and declare them every year. I'm talking about the declaration during filling. Look up online about this. Thefinancialbuff perhaps. It has detailed explanation about the legality, steps, how to do the filing in TurboTax. Regarding Fidelity, if you are confused, call Fidelity. Your company may also have a dedicated number, but the general number also work. They are very helpful.
      Dec 30, 2018
  • 1. You can do it anytime, this year or next.
    2. Fund traditional IRA, open Roth IRA, transfer funds from traditional to Roth. If you can't do it online, call Fido.
    3. No idea.
    Dec 30, 2018 1
    • New
      jdndbfncjj

      New

      jdndbfncjj
      OP
      Thanks! Calling them would have been my next course of action
      Dec 30, 2018
  • Lyft
    kthanks001

    Go to company page Lyft

    kthanks001
    Uber πŸ€”
    Dec 30, 2018 0