Back door Roth tax question
Married and filing jointly, do we aggregate the sum of both their TIRA’s for the pro rata rule or is it by individual?
Many thanks,
Mike
Married and filing jointly, do we aggregate the sum of both their TIRA’s for the pro rata rule or is it by individual?
Many thanks,
Mike
Permalink Submitted by mk foss on Fri, 2014-05-30 20:59
IRAs are for an individual only and not a couple. So when you do a Roth conversion you only look at the TIRA balance of the person doing the converting. If that person has a SEP or Simple IRA, those must also be added to the mix.