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Reply to "Backdoor Roth IRA"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous] Yep. There's some mixed advice out there on how long you have to wait -- some people say you can do it immediately and others say that since technically this is a loophole you don't want to draw the IRS's attention by being too blatant about it. I think that's a bit alarmist because I've never heard anyone getting audited or otherwise hassled for converting. I usually convert as soon as it's funded, so about 3-5 business days? If you use Vanguard they've switched from very simple (call and they'll walk you through it, and send you an itemized list to make sure you don't miss any steps) to ridiculously easy (push "convert to Roth for XXXX year" button under the applicable trad IRA on the website).[/quote] I do the same thing. Only wait a few days. Never had an issue. [/quote] Do it immediately or soon after so you don't have to worry about having any gains and having to pay taxes on them.[/quote]
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