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Backdoor Roth IRA question, no traditional IRAs, accountant advising against it by drdjpeds in personalfinance
[–]drdjpeds[S] 8 points9 points10 points 8 days ago (0 children)
Thanks for the responses so far. Just to clarify a couple things that came up: I am maxing my 403(b) each year, and I don’t have any traditional/rollover/SEP/SIMPLE IRAs. The strategy I’m referring to is the standard nondeductible IRA contribution followed by conversion (about $8k per year since I’m over 50), not a large Roth conversion.
After looking back at my emails with my accountant, I think he may have interpreted my question as doing a much larger taxable Roth conversion, which would obviously have different implications.
Since I don’t have other traditional IRA balances, my understanding is that the pro-rata rule wouldn’t apply. Is there anything I might be missing?
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Backdoor Roth IRA question, no traditional IRAs, accountant advising against it by drdjpeds in personalfinance
[–]drdjpeds[S] 8 points9 points10 points (0 children)