AggieDruggist89 said:

---

LMCane said:

---

TXTransplant said:

---

It is that easy. I'm with Fidelity, and I don't even have to click to convert. I just move the funds from my IRA to my Roth and then handle the conversion when I file my taxes.

It's so stupid easy that I don't understand why Congress just doesn't do away with the Roth income limits.

---

my personal brokerage is with Fidelity

I can't get the Roth IRA due to income limits and have never had a regular IRA.

I just put pre-tax into my corporate 401K and use after tax funds moving from my bank to Fidelity.

sounds like I am doing something wrong - does a regular IRA take pre-tax money like from your paycheck into the account?

or it is just used when you want to cash out for retirement tax purposes?

---

Even though I'm a generation between X and Boomer, Tweener, I act like a millennial and only stay at a job for 2-4 years. That's a lot of 401K and 403B rollovers to IRA accounts. So I play in IRA.... No Roth tho.

---

This is me. I have some 401K rollovers in a traditional IRA. I wouldn't necessarily be opposed to converting it to backdoor, but there were parts of my 401K contributions that were post-tax, and I frankly don't know how td Ameritrade will help me figure out the taxes I would owe now if I went that route.

I do also have a Roth already.

But… my spouse does not have a traditional IRA… I could just have them name me as a Bene and pump $$$ into their account to convert to backdoor.

Will your brokerage just sent you a tax form that you then pay taxes on at year end in that case?

12thMan9 said:

---

Got zilch to do w/the masses. 90% of millionaires got there via real estate.

https://thecollegeinvestor.com/11300/90-percent-worlds-millionaires-do-this/

Pat yourself on your back for your market timing expertise. But your thoughts on RE indicate you have very little understanding of it.

---

You're quoting a blog that is just quoting Andrew Carnegie. Is there actual research done on this? I'd also like to know how much of it is true if you exclude primary residence.

12thMan9 said:

---

Got zilch to do w/the masses. 90% of millionaires got there via real estate.

https://thecollegeinvestor.com/11300/90-percent-worlds-millionaires-do-this/

Pat yourself on your back for your market timing expertise. But your thoughts on RE indicate you have very little understanding of it.

---

So my home's mortgage is paid off and its value is north of $1MM (not necessarily a bragging point), does that make me a real estate millionaire?

Ag CPA said:

---

12thMan9 said:

---

Got zilch to do w/the masses. 90% of millionaires got there via real estate.

https://thecollegeinvestor.com/11300/90-percent-worlds-millionaires-do-this/

Pat yourself on your back for your market timing expertise. But your thoughts on RE indicate you have very little understanding of it.

---

So my home's mortgage is paid off and its value is north of $1MM (not necessarily a bragging point), does that make me a real estate millionaire?

---

Well your net worth, assuming you're not $1M in debt, certainly might be approaching that.

Have you considered putting that equity to work? Because it's sure not doing anything sitting in that house.

Do you know how much of the 401k rollover contribution is post tax. That will be kind of important to know when you start taking distributions or Roth converting it. I would highly recommend trying to figure that number out and keep it around for the future.

You don't get to pick which parts are Roth converted when you do the conversion but you need to know the amount of pretax contributions that are in the account to calculate what percentage of the conversion you will owe tax on.

hypeiv said:

---

Do you know how much of the 401k rollover contribution is post tax. That will be kind of important to know when you start taking distributions or Roth converting it. I would highly recommend trying to figure that number out and keep it around for the future.

You don't get to pick which parts are Roth converted when you do the conversion but you need to know the amount of pretax contributions that are in the account to calculate what percentage of the conversion you will owe tax on.

---

Probably 2% of my 401K contributions were post tax.

Stupid question, but how am I supposed to validate that from a job a decade ago? I can't be the only one who isn't printing pay stubs every other week.

Assume the employer can validate this

The 1099-r you got from the 401k when you rolled it into an IRA likely showed the taxable amount which should be less than the total balance so you can probably calculate it from that if you still have that form.

I assume you rolled it all into a traditional IRA, the IRS now allows you to roll the after tax money from a 401k directly into a Roth when you do these types of roll overs now.

Yea, rolled it over to a traditional IRA. Perhaps my brokerage will have entered that info when they accepted the rollover contribution.

I've gotta start keeping my tax forms all in a safe, secure location.