if you have 401k and roll over ira, can you do backdoor roth?
if you have 401k and roll over ira, can you do backdoor roth?
I have a rollover ira that was from previous employer. It has 28k in it. I also have a current 401k that I set up for my computer. I make 500k a year. I heard that I can't do roth ira since income exceeds threshold but wanted to confirm this. thx
- Earl Lemongrab
- Posts: 7270
- Joined: Tue Jun 10, 2014 1:14 am
Re: if you have 401k and roll over ira, can you do backdoor roth?
I'm not exactly following. Are you saying that you have a solo 401(k) that you opened for a home business?
You in all likelihood make too much for a direct Roth contribution, unless you have massive deductions. The rollover IRA would be involved in any attempts at the backdoor. The solution to that is to roll it into a 401(k), so we need to determine if that is an option.
You in all likelihood make too much for a direct Roth contribution, unless you have massive deductions. The rollover IRA would be involved in any attempts at the backdoor. The solution to that is to roll it into a 401(k), so we need to determine if that is an option.