Anonymous
Post 12/31/2024 16:10     Subject: backdoor Roth - funds on hold
Anonymous wrote:I’m in the same boat. I funded the traditional on Dec 11 and still waiting. My DH did the same and it took 2.5 weeks to be able to move the money to a Roth.


Same here and as of today I still can't transfer. Can I still do the backdoor for 2024 funds in 2025? I converted everything but $800 worth which I can't transfer yet.
Anonymous
Post 12/24/2024 22:10     Subject: backdoor Roth - funds on hold
I’m in the same boat. I funded the traditional on Dec 11 and still waiting. My DH did the same and it took 2.5 weeks to be able to move the money to a Roth.
Anonymous
Post 12/24/2024 12:51     Subject: backdoor Roth - funds on hold
Anonymous wrote:I tried to do a Roth conversion under Fidelity in early December. The bank I transferred funds from says the transfer fully cleared December 10th. Fidelity sent a notice saying the Traditional IRA was funded the same day. I've tried to convert, but Fidelity says the funds cannot be moved to a Roth until January because increased fraud in banking generally means transfers are taking longer to clear. When I set up for this transfer, Fidelity's notice said it could take up to 5 days (certainly not a month). I've talked to many representatives at Fidelity. Is there some way around this that I'm not aware of?


The same thing happened to us. You now have to wait 16 business days. We called and they are going to move the money on their end. I would suggest giving them another call to see if they can make an exception. Good luck!
Anonymous
Post 12/23/2024 20:07     Subject: backdoor Roth - funds on hold
The big banks don't like you moving anything anywhere and make it super complicated.
If traditional IRA was funded, your $7k max for 2024 is right there. You have to wait for 2025.
Who funded the Traditional? How did traditional came into play at all?
Anonymous
Post 12/20/2024 10:40     Subject: backdoor Roth - funds on hold
FWIW it doesn't really matter-- there is no time deadline for conversions. The only difference is that if the account earns some money in that time frame you'd owe some tax on it, but it's really unlikely to matter much.
Anonymous
Post 12/20/2024 09:57     Subject: backdoor Roth - funds on hold
I tried to do a Roth conversion under Fidelity in early December. The bank I transferred funds from says the transfer fully cleared December 10th. Fidelity sent a notice saying the Traditional IRA was funded the same day. I've tried to convert, but Fidelity says the funds cannot be moved to a Roth until January because increased fraud in banking generally means transfers are taking longer to clear. When I set up for this transfer, Fidelity's notice said it could take up to 5 days (certainly not a month). I've talked to many representatives at Fidelity. Is there some way around this that I'm not aware of?