Thanks Dustin love the casual atmosphere.

Good stuff! Thank you!

Really great content. Learned a lot from this.

Love this series

Might want to mention MFS income limit for contributing directly to a Roth is only $10k(!), so a backdoor Roth is very helpful for folks in this situation as well. There are multiple reasons to file MFS, especially with certain student loan repayment plans that can keep spouse's incomes separate. Awesome content, keep up the good work!

Love your content! Give Redbreast a try! Great Irish Whiskey. There aren’t enough OOO’s in Smooth to describe it!!

I’m going to be very disappointed if Dustin doesn’t have a hidden speak easy in his house.

Try some Old Van Winkle Bourbon if you can find it. Had some many years ago and thought it was a pleasant experience, Kind of numbs the lips and very smooth.

Wife and I have been doing this a long time. Our S-Corp income is nearly impossible to predict (we can get in range) but it’s well over the MFJ limit so we lump sum the entire amounts in January of the year of contribution. We don’t always invest right away but we get the money in there and complete the process so we can work from that point. We hold the pretax cash in cash and never invest it until it gets to the Roth IRA. Better safe than sorry. Our pre tax IRA’s always sit at zero.

Does it have to be a new IRA account ? Because i have one that's a few years old that I never put money in because I did a ROTH instead exactly to have it ready to do backdoor Roths because my income is beginning to get higher and higher.

Great video. Love the picture on the wall behind you.

First baby! 🎉🎉

Great tip. Does the pro rata rule only apply to back door Roth conversions when one also has a traditional IRA? If one just wanted to start Roth conversions of their traditional IRA, does the pro rata rule also apply?

Great information!!! Can you add money to a 457B like you said to a 401k? thank you!!!!

@ 12:02 'IRS simple question: balance of your IRA *_before_* you rolled over converted to Roth' - Traditional IRA can be rolled into traditional 401(k) *_after_* you back door Roth IRA; traditional IRA balance should be *$0.00 on Dec 31* to escape pro rata tax.

I realized that my wife and I will be over the Roth IRA lower MAGI limit threshold for 2022, but still less than 214,000 (let's say 205,000). Since I already made some direct contributions to our Roth accounts in 2022 (2,500 each), is it okay to do the rest (3,500 each) as a backdoor Roth IRA contribution for the same tax year?

My traditional IRA was empty. I added a lump sum 6k into traditional IRA and a few days later rolled it over to ROTH ira. I wont owe any tax on that?? I was always under the impression those contributions would get taxed via backdoor (even when I roll it over I get a msg saying if I should be taxed now or when I file taxes). 🤔

Been doing this for years. People do it, it’s just not talked about much.

Hypothetical situation..... if I were to retire prior to 59 1/2 then I could not do a backdoor Roth because I have no earned income (only pension/401K). But, if I were to pick up a job for the sole purpose of being able to continue to fund a Roth, is there a dollar amount I have to earn for Roth purposes? Meaning, I would want to contribute $13K to Roths (wife and myself), do I need to earn $13K or can I earn less but contribute the full amount?

Love this guy,his videos are awesome !

Hello, I'm 50yo. I did a $7000 roth IRA rollover just like you described (this is my first IRA contribution ever, so my IRAs are all at $0). What happened to me is that on December 13 I moved the money from my fidelity INDIVIDUAL account to the fidelity TRADITIONAL IRA, then to the fidelity ROTH IRA. Their website stalled a day on each transfer and ended up taking 2 days for the money to finally make it into the roth account on Dec 15. I thought I was done, then on Dec 30, fidelity deposited $1.35 of interest on my TRADITIONAL IRA from the day the money was sitting still waiting to be moved.. I ended 2022 with $1.35 in my TRADITIONAL IRA and $7000 in my Roth IRA. --Does the $1.35 that came 15 days later made my roll over pro-rated? Thanks.

Hmm, I was just going to contribute $6500 each for myself and wife ($13K total ) into an empty trad IRA and then transfer them to our IRA Roth accounts for 2023 -- Would Turbotax help with this?