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Reply to "How exactly do you make back door Roth contributions?"
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[quote=Anonymous]I see this mentioned a lot on here. How exactly does it work? Who is this right for? Highly compensated people who don't qualify to make Roth contributions because of income phaseouts? So if I earn over the limit to qualify for a Roth, I can still do it, is that right? Meaning, I can make a nondeductible traditional IRA contribution and then immediately convert it to a Roth IRA, and I pay no income tax on the conversion since the traditional IRA was funded with after-tax money? What kind of record keeping do I need to do/what tax forms must I file? How do I ensure there's no growth on the traditional IRA so that I don't end up taxed on conversion? Do you do everything in one fell swoop? Thanks for any info. Just seems like everyone and their grandma on here is doing these. I never have.[/quote]
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