Roth Conversion with Existing IRA

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 5 October 2020

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You guys know I'm a total fan of doing Roth conversions. However, if you have an existing IRA that is already funded, the process could get tricky due to the pro-rata rule. Thankfully, there are some workarounds. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Podcast. It is Monday, October 5th. And this is the
0:10.0	program that tries to help walk you through your financial life. To do so, we would
0:16.9	love to hear from you. It would be great. All you have to do is email us. The
0:21.4	email address is Ask Jill at Jill on money.com and if you are so
0:26.6	inclined and you're kind of interested in being on the air with us we are back in action.
0:31.6	My schedule seems to have settled down a little bit.
0:34.1	We can start scheduling time to get you on the air.
0:37.3	So if you want to be on the air with us,
0:39.9	when you send us your email question,
0:42.3	just tell us that. Want to be on the air just
0:44.4	you know financial question just say I want to be on the air you never know what
0:48.9	can happen it really is actually a lot more fun to have you on the air live. I know I like that. Mark does
0:55.0	too. So shoot us an email, ask Jill at Jill on money.com or if you're on our website if you're
1:01.2	on Jill on money.com because you've signed up for our
1:04.0	free weekly newsletter or you've watched some TV segments, then just click the contact button
1:09.5	and let us know how we can help you out.
1:12.3	All right, that is what Lily did. Lily is calling us from
1:16.7	Virginia. Hi Lily, welcome to the program. How can we help you out? I would love some help on, I don't know if it's a possibility for me,
1:27.8	but I wanted to check it out.
1:29.3	I'm an high-income earner, and I was wondering if I could do a backdoor Roth or extra money
1:36.5	that I have left over every month but I do have an IRA and
1:42.3	exist over yeah okay wait a minute do you have an IRA? Oh, an existing.
	...

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