Thank you for the explanation, however, I am still a little confused, I currently have 457 plan from my employer and according to my income I have to do backdoor if I want to contribute to Roth IRA, can you elaborate more about if you only have a retirement plan from you work. Thanks
Hi Claritza, thanks for your question. We can't give tax or legal advice, but this might help answer your questions about how a Backdoor Roth works. www.trustetc.com/blog/what-is-backdoor-roth-ira/
Thank you for the explanation, however, I am still a little confused, I currently have 457 plan from my employer and according to my income I have to do backdoor if I want to contribute to Roth IRA, can you elaborate more about if you only have a retirement plan from you work. Thanks
Hi Claritza, thanks for your question. We can't give tax or legal advice, but this might help answer your questions about how a Backdoor Roth works. www.trustetc.com/blog/what-is-backdoor-roth-ira/
How to you report your taxes if you convert both the $6000 after tax IRA and the $10,000 pre-tax IRA in the same year?