IRa

Submitted by George Kuruvilla on Tue, 2024-12-10 10:31

I have a Question about IRA for a person in High income bracket without a pension plan.

He was asking if he can contribute more than the amount allowed for deduction this year into an IRA meaning,  If he is allowed 7000+1000 (catch up) He deposits that and an additional sum of 50K  Then later converts into Roth IRA.

  1. Can he do that and is there a limit on the additional amount he can deposit?  What is the wait period before he converts this  into ROTH?
  2. On conversion should he convert the whole  or can he convert the additional part only.
  3. Could he use an Annuity as the investment product.
  4. Ca he do the same for his spouse also.


Submitted by George Kuruvilla on Tue, 2024-12-10 13:08

This person was referring to this strategy as a backdoor Roth conversion . So as per your analysis its not a safe move. I thought you can contribute any amount in excess and remove the excess to convert to Roth

Thank you

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