Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-20-2015, 03:34 PM
Junior Member
 
Join Date: Mar 2015
Posts: 1
Backdoor roth

I put $13,000 (2014 & 15) into and existing rollover IRA whose balance is now $27,000. Can I backdoor all 13,000 into a roth IRA without any tax penalties?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-20-2015, 11:17 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by joann View Post
I put $13,000 (2014 & 15) into and existing rollover IRA whose balance is now $27,000. Can I backdoor all 13,000 into a roth IRA without any tax penalties?
You can perform only one rollover from an IRA in a given 12-month period. The one-year waiting period begins that date that you take the distribution, rather than the date on which you compete the rollover. For example, if you take a distribution from your first IRA on Jan. 15, 2014, and roll it over on Feb. 14, 2014, you can't roll over another distribution from that same IRA until Jan. 15, 2015. The IRS does not place a limit on the number of rollovers you can have per year across all of your IRAs or other retirement accounts. For example, if you have 3 IRAs, you could do one rollover from each account during the year. However, if you have only one IRA, once you roll over money to or from the account, you have to wait at least 12 months before you perform another rollover.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Roth IRA erfranco IRA/Sep 1 03-19-2014 10:34 AM
Backdoor Roth Contribution and Opening a SEP IRA - what do I need to know? TimTread IRA/Sep 0 12-23-2013 08:46 PM
Sep/roth eacollie IRA/Sep 4 03-20-2013 09:52 PM
roth IRA Bridgette419 IRA/Sep 1 03-04-2011 05:31 AM
Roth Ira kapriati IRA/Sep 1 01-21-2007 08:14 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.