Jim DahleEmergency Physician and Financial Educator for Medical Professionals

The Backdoor Roth IRA Process Should Be Easy!

Name: The Backdoor Roth IRA Process Should Be Easy!
Uploaded: 2024-02-29T08:00:20Z
Channel: Jim Dahle
Description: This is a YouTube video titled "The Backdoor Roth IRA Process Should Be Easy!" containing a monologue or instructional talk recorded in February 2024…

29 Feb 2024

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This is a YouTube video titled "The Backdoor Roth IRA Process Should Be Easy!" containing a monologue or instructional talk recorded in February 2024. The speaker explains how to properly execute the backdoor Roth IRA process within the same calendar year to avoid complications with IRS Form 8606, sharing personal experience of successfully doing it for fourteen years. There is only one speaker and no indication of a conversation involving Jim Dahle.

If you want to have your 8606, be really clean, make the contribution during the calendar year, do the conversion as soon as you can in that calendar year, and your 8606 is pretty darn easy. I don't know why everybody wants to do this the hard way and start making contributions after the first of the year. Or worse, make a contribution in one calendar year and the conversion in the next calendar year. Or, you know, not actually go through the backdoor process. Stop doing these the hard way. They're not that hard to do. Fourteen years now, I've done the backdoor Roth IRA each year. I've never screwed it up. It's not that hard. Okay, make your contribution, do the conversion, do it all in the calendar year, and you won't run into all these problems people have with their 8606 forms.