Need some information regarding the backdoor Roth and income. Our MAGI is borderline at the income limits for a Roth contribution for my husband. Is there any downside or penalty for making a non deductible contribution and then rolling it into the Roth IRA when MAGI is actually below the income limit for 2024? There is an end of the year bonus and monthly income can vary (paid once a month) and we are so close to not being able to make a full contribution.
We had a bad experience last year with our accountant and will be moving to someone new this year. I would like all paperwork to be as clean as possible at tax time with no "do overs".
Thanks in advance.
We had a bad experience last year with our accountant and will be moving to someone new this year. I would like all paperwork to be as clean as possible at tax time with no "do overs".
Thanks in advance.
Statistics: Posted by keys2retire — Sat Dec 14, 2024 7:47 am — Replies 3 — Views 186