Backdoor Roth IRA
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 5 June 2018
⏱️ 7 minutes
🔗️ Recording | iTunes | RSS
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Summary
If you make too much money and are not able to contribute to a Roth IRA, I'm all for implementing the backdoor conversion strategy. But there are some rules associated with pulling it off, and that's what Jeff from Chicago was calling about on the latest BONUS call. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://apple.co/2pmVi50
Transcript
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| 0:00.0 | Welcome to the Better Off Bonus Call of the Week. We're sponsored by Betterment, the largest online financial advisor. |
| 0:09.6 | Remember you've got two chances to get on the air with us on Tuesdays. We do this |
| 0:13.6 | Better Off Bonus Call of the Week and then after the longer show on Thursdays we've |
| 0:18.4 | got the listener question of the week. Just send us a note if you'd like to get on the air with us. |
| 0:23.6 | Ask Jill at better off podcast.com. That's what Jeff did. He's calling from Chicago. |
| 0:29.7 | Hi Jeff, welcome to the show. What can I do for you? |
| 0:32.3 | Hi, Jill. So a few weeks ago, you'd mentioned something about if you have multiple IRA accounts, |
| 0:38.0 | doing a backdoor Roth could be problematic. And so I wanted to just get some of the some of the complexities there. |
| 0:45.0 | Okay first tell us about yourself and what we should know about your current situation financially. |
| 0:54.0 | Sure, so I'm just primarily saving for retirement. |
| 0:58.0 | I have chosen to diversify my IRAs into a bunch of different accounts and so some of them are asset-based accounts |
| 1:06.4 | like the fixed note kind of accounts through peer-to-peer lending. |
| 1:11.7 | Some of them are in the markets. So I have like probably four or five |
| 1:16.4 | accounts spread out like that. And how old are you and what's going on in your life? |
| 1:21.2 | 34. Mary just had a first son, so. |
| 1:26.0 | How much money do you have right now in Roth accounts? |
| 1:31.0 | About 40? |
| 1:32.0 | Okay, great. Now tell me a little bit about the other stuff and how much money like, |
| 1:37.3 | specifically what's in traditional? So then in traditional it's basically 120. |
| 1:45.0 | Okay and that is that in one account that's just like is it did it come from a rollover? |
| 1:51.0 | What just give me a little bit. |
| 1:52.0 | No, it's like I said it's spread out through many accounts. |
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