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Reply to "Explain steps of back door Roth to me like I'm 5, please"
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[quote=Anonymous]I've maxed out my TSP. I also put about $5k into a Traditional IRA through Vanguard. I'm doing my taxes now. I earn too much for that $5k to be tax deductible because of the employer-sponsored plan. I'm also over the Roth limit. I think I should pay the taxes on the $5k (well I HAVE to do that) and then do a backdoor Roth. But I don't understand how to do that. There is a button on Vanguard for "convert to Roth IRA." I assume I want to make sure I only convert the $5k and not more, because of tax implications? After I do that, how do I report this on my 2023 taxes? Do I just tell TurboTax for my 2023 taxes that I've put the $5k into a traditional IRA? And then whatever happens next is on my 2024 taxes? Or what? Please help![/quote]
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