Hi All :
I want to contribute to ROTH. My 2024 MAGI will be in the range of $210K - $250K (due to a bonus component that will be finalized only by Nov'24).
My options are doing a backdoor Roth IRA conversion right now or waiting until the end of the year to see if I can contribute directly to a Roth IRA (qualifying based on ROTH income limits). What should someone do in my scenario?
Couple of additional questions -
1) Is there any benefit to direct funding from a 5-year clock perspective?
2) If i did the backdoor ROTH right now and my MAGI is $210k (making me eligible for direct ROTH funding) - is that a problem? Any disadvantage of not doing a direct funding?
For context - I have no balances in Trad IRA accounts and did a backdoor in 2023 and tax filing is MFJ.
I want to contribute to ROTH. My 2024 MAGI will be in the range of $210K - $250K (due to a bonus component that will be finalized only by Nov'24).
My options are doing a backdoor Roth IRA conversion right now or waiting until the end of the year to see if I can contribute directly to a Roth IRA (qualifying based on ROTH income limits). What should someone do in my scenario?
Couple of additional questions -
1) Is there any benefit to direct funding from a 5-year clock perspective?
2) If i did the backdoor ROTH right now and my MAGI is $210k (making me eligible for direct ROTH funding) - is that a problem? Any disadvantage of not doing a direct funding?
For context - I have no balances in Trad IRA accounts and did a backdoor in 2023 and tax filing is MFJ.
Statistics: Posted by foreman — Fri Jun 07, 2024 3:40 pm — Replies 2 — Views 123