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backdoor Roth conversionsSmartAsset
•79% Informative
The rules for backdoor Roth IRAs can seem confusing, and some scenarios are more complicated than others.
For many people, the long-term tax benefits of Roth conversions far outweigh the downsides.
A backdoor Roth conversion may not make good financial sense if: You have a lot of pre-tax money in traditional IRAs.
If you have a mix of deductible and nondeductible contributions in your IRA, the pro-rata rule comes into play.
You won’t pay double taxes with a backdoor Roth , but you may end up paying some taxes depending on your financial situation.
If you’re converting a pre-tax IRA into a Roth account, be mindful of your tax bracket.
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