it's brian pressed in the money guy

restoring order to your financial chaos

retirement investing taxing

you've got financial questions he's got financial answers

it's brian pressed in the money guy

uh... this next question is from tony roast

uh... tony roast says

uh... what is the strategy when trying to do a backdoor roth ira

uh... she says now uh... uh... i'm over the income limit

uh... but there's a current traditional ira balance

do i convert the outstanding ira balance first

uh... so that is one probable solution if you have an outstanding traditional

ira that is pre-tax dollars

one of the things that you can do is you can

convert those pre-tax dollars to roth however

you need to be aware that if you do that that is a taxable event so if you have a

twenty thirty forty thousand dollars traditional ira

and you convert it to roth that's going to be twenty thirty forty thousand dollars

of taxable income that you will have to report and want to pay taxes on

this year

now what that will allow you to do in the future is to do

non-taxable roth conversions

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