Tag: IRA
Break up-12 months Backdoor Roth IRA in FreeTaxUSA, 12 months 1
[Updated on January 30, 2025 with updated screenshots from FreeTaxUSA for the 2024 tax year.] One of the best ways to do a backdoor Roth is to do it “clear” by contributing *for* and changing in the identical 12 months — contribute for 2024 in 2024 and convert in 2024, and contribute for 2025 in 2025 and
Break up-12 months Backdoor Roth IRA in FreeTaxUSA, 12 months 2
[Updated on January 30, 2025 with screenshots from FreeTaxUSA for the 2024 tax year.] The earlier submit Break up-12 months Backdoor Roth IRA in FreeTaxUSA, 12 months 1 handled contributing to a Conventional IRA for the earlier yr and recharacterizing a earlier yr’s Roth IRA contribution as a Conventional IRA contribution. This submit handles the conversion half in