Back Door ROTH IRA
A client and wife AGI over $250,000.
Both have workplace retirement plans which they contribute.
Can they set up non-deductible IRA’s and convert to a ROTH IRA’s?
A client and wife AGI over $250,000.
Both have workplace retirement plans which they contribute.
Can they set up non-deductible IRA’s and convert to a ROTH IRA’s?
Permalink Submitted by Alan - IRA critic on Wed, 2021-02-24 18:24
Yes, but if they own any other pre tax IRA accounts, the conversion for the spouse that owns these accounts will be mostly taxable.