Suppose that someone has $1,500 (untaxed) in a tIRA from a previous year, and wishes to max it out (add after-tax $5,500) and do a backdoor conversion to Roth IRA. What is the complexity of the process to pay the taxes on the untaxed amount while reporting the conversion while filing their taxes? Would it be simpler to withdraw the money first and pay the penalties, in order to start from an empty account?
Statistics: Posted by etfan — Mon Jul 15, 2024 12:56 am — Replies 0 — Views 23